Couple items from last week add up to.....hhhmmmm!!
" Work is set to begin this summer on a $4.7 million redevelopment project...
Developer Chandler Anderson of Icon Development Group...is partnering on Midtown Lofts with Morrissey Realty Group, a business formed by Mayor Larry Morrissey and his father, Joe Morrissey. Since his election, the mayor has transferred his financial stake in the company to his parents. The duo have a similar partnership — the redevelopment of Garrison School — that introduced high-end rental units to the city’s near downtown Signal Hill neighborhood...."
Illegal???weellll, don't know for sure,but UNETHICAL as all get out!! Face it,LarryDaddy ain't no spring chicken....where's the estate gonna end up,you suppose???
(Word is,Dandy Chandy and LarryDaddy still owe big bucks to some of the sub-contractors that worked on Garrison, claiming cash flow problems...so most of the place sit UNFINISHED,a war-zone lot on 1100N.Court(where's the CodeEnforcementCops on THAT eyesore??)
So let's see,get that TIF advance for MidTown...finish Garrison??? find workers that are willing to take a chance of getting paid???
But I digress...
The interesting story came a couple days later...
"MACHESNEY PARK — The village has gained a 4-to-1 return on its investment in the redevelopment of the Illinois 173 and Illinois 251 intersection.The more than $7.6 million of public money invested in improvements since 1991 has generated more than $31.8 million in private investment, according to an annual financial report for the village’s first-ever tax increment finance district...."
See, LarryBoy is busy blaming the city's financial challenges on employees,schools,economy,blah,blah,blah...
But this guy,through TIF bond debt, HAS BROUGHT THE CITY TO THE BRINK...
Where's any kind of return-on-investment statement for the millions spent since he took office???new TIF, de-TIF, re-TIF, River district,Midtown,Eastside,Westside...everywhere a TIF tiff....back to story...
"...The district spurred the corridor’s development, even encouraging development outside the TIF boundaries, Mullins said....“...would Target have built across the street? Probably not. I think that’s a reasonable argument. That development, in my opinion, is a direct result of the TIF,” Mullins said. “All of that development east of Alpine (Road), would that have been there without that TIF? There’s reasonable argument that it would not have been.”...
See create a TIF, let development COME...don't run around creating TIF's WHERE THE DEVELOPER WANTS
Course,if the developer is Daddy.....excrement everywhere....
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various observations formulated during the reign of LarryBoy ....
2 comments:
Oh, Unmanager, you are so wise...yet, perhaps do not know the whole story...Some of those in code enforcement have been instructed to "drive by" and either ignore or pass properties regardless of the condition. It's a real problem for others who do inspections and wish to do the right thing by ensuring properties are safe and decent for tenants and refuse to pass sub-standard housing or push for condemnation. It's sad that one could actually lose their job because they did their job.
While I don't agree with you on Machesney Park. Vaughn's little fifedom in exile did plenty of harm with there eminent domian land grab but I digress.
We live in a city where the police won't admit there is a gang problem. Unemployment is around 20% and well the biggest construction program will be fixing the potholes.
This is a city that wants a river walk but has no roads to reach it. It is a city that imposes an extra one percent sales tax and forgets the mall is outside that jurisdiction.
Most importantly this is a city where if you are a friend of the mayor you can grab land. If you are a friend of the mayor you don't pay your debts and if you are the friend of the mayor you can be a slum lord.
This city has potential but has a failing infrastructure that is only matched by it's failing school system.
Oh yeah it also has a failing mayor.
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