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    Repiglican Roast

    A spirited discussion of public policy and current issues

    Name:
    Location: The mouth of being

    I'm furious about my squandered nation.

    Monday, September 29, 2008

    Activists Demand Say In Chicago Olympics

    [...]
    People have already lost jobs at Michael Reese Hospital, which is to close by the end of the year. The city had intended to borrow $85 million to have the hospital campus at 29th Street and Cottage Grove Avenue razed and replaced with an Olympic Village, but it was revealed earlier Wednesday that the deal to purchase the hospital broke down.

    "Now we got word Michael Reese took the bid off the table, so that's a surprise to me," said former Michael Reese employee Joe Smith, "and I'm still without a job."

    "We know that whether the Olympic Village takes place at Reese, or McCormick Place or anywhere else, our concerns remain," said Amisha Patel of Communities for an Equitable OIympics. "Communities of color need a real investment of jobs, transportation and real affordable housing."

    The city's original plan called for demolition and cleanup costs at the Michael Reese campus to come out of the pocket of Michael Reese parent Medline, at a cost of $20 million that the city characterized as a "charitable contribution." In the proposed deal, Mayor Daley wanted to roll the dice that the depressed real estate market would come roaring back.

    The $20 million was supposed to be enough to cover demolition, environmental cleanup and five years of interest payments on the loan at a rate of 5 percent. But costs to raze the 37-acre campus came back 60 percent higher, at $32 million. Chicago 2016 Chairman Pat Ryan tried to salvage the deal by renegotiating the purchase price, but Medline apparently wouldn't budge.

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    1 Comments:

    Blogger Blagica said...

    Greetings!

    Yes, it's a slight hiccup in the overall plan for the Olympic Village, but the Mayor would like to ensure that the taxpayers don't pay for the project:

    http://chicago2016channel.com/2008/09/25/finding-a-home-for-the-olympic-villageevery-project-has-its-snags/

    Let us know your thoughts!
    Managing Editor
    Chicago 2016 Channel

    10:56 AM  

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