The giant agency that runs McCormick Place and Navy Pier has had to tap the state treasury to avoid defaulting on tens of millions of dollars of bond payments.
Using a special provision in state law, the Metropolitan Pier & Exposition Authority last month quietly obtained $18.8 million in Illinois sales-tax revenues that otherwise would have gone into the state’s general fund. The money was used toward a scheduled debt-service payment of more than $100 million — money that the agency, generally known as McPier, did not otherwise have fully on hand itself. Read the full story.
Mmm. A state-supported tourism project runs short of funds and “quietly obtained” almost $19 million in PUBLIC FUNDS to make ends meet. That’s $19 million that did NOT go to schools, housing, clinics or parks. Chicago, wake up. Despite any claims of “no taxpayer funds will be used for the Olympics” and “We’re covered by the magical insurance policy” – despite all such claims – THIS is really what’s going to be in the business and financial news for the next decade if we get the games. Namely, YOU PAY while THEY PLAY.