The Chicago Department of Community Development has released the 2008 reports for its 162 Tax Increment Financing (TIF) districts. Thanks to TIF researcher, Hugh Devlin, No Games can report the total balance of funds in the TIF accounts at the end of 2008 was $1,404,518,702 – let’s call it $1.4 billion. This summary was prepared …
As reported in the Chicago Tribune, Chicago has awarded contracts totaling $11.17 million to two politically connected firms for the demolition work on the Michael Resse Hospital site. Let’s see, $86 million to purchase, $11 million for demo work plus $1.3 million for site control plus tens of millions for clean-up. Can we now all …
With all the talk about the mysterious state of the 2016 Olympic bid’s finances, the Illinois CPA Society has published a very timely article, “Olympic Risk.” that looks at the costs and supposed benefits of the games. The author quotes No Games organizer Tom Tresser along with Dr. Will Jennings, a research fellow at the …
As reported in the Hyde Park Herald: Over 200 neighbors from the 5th, 6th, 7th and 8th Wards packed the room at the South Shore Cultural Center on July 15. Many in the crowd were distrustful of the city and business interests which have backed the Olympic bid. “Oprah and all those people who gave …
As reported by CBC News online: Vancouver taxpayers could be on the hook for as much as $875 million to complete the Olympic Athletes Village unless city council can reopen a loan given to the developer or find new financing. The city has been forking out money to keep construction going since New York-based hedge …
Check out these news clips that review some of the news surrounding the cost overruns relating tot the Vancouver 2010 games and the promises that were made to the citizens there. Vancouver taxpayers are being handing a billion dollar plus bill for the Olympic Village and other Olympic construction projects soared over budget. It COULD …
It was four against two as the 2016 Committee sent four senior members of their staff to squared off against No Games organizer Tom Tresser and Friends of the Parks President Erma Tranter at the Lake View Citizens’ Council Olympic forum Monday night. Tranter presented a number of thorny issues about the bid’s reliance on …
LETTERS TO THE EDITOR – Just one day’s samples… Unnecessary Olympics I’ve lived in this city since I was born here in 1933. I’ve witnessed the many trials and tribulations it has endured and the great successes it has achieved. These diverse elements and the diversity of the city itself are what make Chicago great. …
As reported in the June 29-July 6 issue of Crain’s Chicago Business, the 21016 Games will cost YOU a bundle… As aldermen prepare to debate whether to put Chicago on the hook for any operating losses from the 2016 Olympics, the construction of a $1-billion athletes village poses a far greater potential risk to city …