I am getting more than a little fed up with Chicago selling or leasing out money generating assets. I thought it was stupid for asshat Blago to try to sell and lease back the Thompson Center [1]. Thankfully that tactic failed.
I could live with the Skyway deal, I am against Midway, and the parking meters and garages was the last straw for me.
This really needs to stop for there will be no assets left at some point with no income coming from them. The one time payouts will have been more than blown away, way before some of these 99 year leases are expired.
I am not saying that some of these CTA assets are not worthy of sale but this continued sell off city assets and privatization is starting to piss me off.
Quote:
"We don't have the luxury to wait for three years" when the market may improve, Kabira said. "We think it is in our best interests to dispose of those assets."
But in the very next sentance
The CTA generated more than $7.2 million last year from property including retail concessions at rail stations and storefronts near stations, as well as park-and-ride facilities, parking spaces underneath elevated train structures and office space, officials said.
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Yea lets dump all of our assets ASAP we need the upfront money now! As an individual one can also get payday loans, loans on income tax returns, bulk payouts on legal settlements too. But those are only for the most desperate and ill informed getting their financial ass handed to them by loan sharks.
This short sightedness is rather corporate American. Screw the future, gimme now, and how is our quarter looking.
[1]
Proposed sale
When he first came to office, Illinois Governor Rod
Blagojevich proposed selling the building to assuage the state budget.[4] The proposal was heavily criticized.[4] Lawmakers at first agreed to the plan,[5] but later a $200 million mortgage was agreed to instead, payable over 10 years.[6] The plan was declared unconstitutional by Illinois Attorney General Lisa Madigan in June 2004.[7] The plan was set aside, although it had already cost the state $532,000 in legal fees.[8]
http://en.wikipedia.org/wiki/James_R._Thompson_Center