Show me the money

Obamabucks are headed to Chicago…

The city is borrowing $100 million to build a 6 block long park along the sewer known as the Chicago River.

The River originally collected sewage and storm runoff and dumped it into Lake Michigan. Since the lake was also the city’s water source, it was realized at some point this was not a clever idea. About 100 years ago, the Federal government came up with a plan to lower the river and instead divert the sewage and industrial pollution southward and ultimately into the Mississippi River. Another fairly recent project is trying to deal with overflowing during storms in the broader Chucago area.

The Chicago River is the North and West boundary of the Loop and Lake Michigan to the East. The Sothern Boundary is less defined, but generally around Roosevelt.

So the Obama folks are agreeing to a $100 million loan + interest to build a 6 block park – the 35 year loan will be paid back by a tax paid by the two companies that currently run boat tours to tourists. When you ride those boats, you go down steps from Michigan Avenue to the same general area where the park will be.

In this video, the general area around 15:00 in – they’re approaching the lake street “el” bridge, and they turn around. Lower Wacker Drive is on the right and the area is not park-like as much of the early footage was – the park site continues on the right side for most of the rest of the video.

The magic here is that 35 years from now when the city defaults, nobody involved will be alive to blame, and the people who stuff 90% of the money into their pockets will be long gone.

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13 Responses to Show me the money

  1. CC1s121LrBGT says:

    Look at the transaction fees, how much for the transaction, when are they paid and to whom? Jefferson County is a great example. Here is something you will not see in the main stream or financial press, but it is in a rock and roll magazine. Neocons, you should read this and not dismiss it because it is written by a liberal. It is worth your time:

    • Art Stone says:

      Derby CT (where I used to live was headed down the same path. Their sewage treatment system once in a while would leak raw sewage into the river. They never really cracked down on old commercial buildings dumping storm water into the sanitary sewers. So when it rained hard, the pump from a low lying part of town couldn’t keep up and would trip and stop pumping and then the “raw sewage”, 99% of which was storm runoff wound up in the river.

      So with no warning or public hearings, the sewer people raised rates 47% – an annoyance to residents, but catastrophic to businesses on the edge.

      When queried about the reason, they wanted to float $30 million in bonds. Not spending a week looking for improper hook ups or replacing the very old pump – but bringing in a consultant who declared we needed at entire new pumping station with a new much larger capacity pipe to connect to the sewage treatment plant maybe half aisle away.

      Anyone with a clue would see as soon as you do that, you just push the capacity problem to the treatment plant. Derby is an old mature community with little chance of significant growth that would increase the demand for sewage treatment.

      Derby is the smallest city in Connecticut. $30 million spread over the number of properties in town would be a huge indebtedness. Shelton, the city on the other side of the river has its own sewage plant, maybe 500 feet away.

      Did I mention I left there?

    • CC1s121LrBGT says:

      Looks like the crony capitalism / fascism continues, whether big government Republicans or big government Democrats are in charge… if only the current laws were enforced. BTW, posting here because it is the same folks stealing from Alabama stealing from you and me:

  2. CC1s121LrBGT says:

    A percent or two fee on the $30 million is a nice commission and goes a long way to persuade the elected officials and initial nay sayers. Look at the “Big Dig” in your former neighboring state. We are not talking about sewage plants, but about a systemic way of looting the citizens…. it just smells like sewage plants. 😉

  3. Art Stone says:

    How about those legs?

  4. Linda S. says:

    I questioned whether it was a woman or a man… You really couldn’t tell.

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