Herald & Review: CAT CEO's warnings come true
Four years ago, Caterpillar CEO Doug Oberhelman warned that if Illinois did not change its approach to business, the state would suffer.
Unfortunately, Oberhelman was exactly right.
In an opinion piece that ran in several newspapers, in appearances and in a letter to then Gov. Pat Quinn, Oberhelman pleaded with state officials to put their financial house in order and to make major reductions in workers compensation costs. Oberhelman is a supporter of the state; he’s a native and graduated from Millikin University. He has said multiple times that he wants the state to succeed. Caterpillar employs thousands of the people in the state and he has stated several times that he does not want to pull jobs out of the state. But the fact is that Caterpillar hasn’t opened a new factory in the state for years, and a lot of that has to do with the state’s business climate.
WirePoints: Municipal Bankruptcy Brings Joy to Taxpayers
Chicago Public Schools’ desperate and very costly quest for buyers of its recent $725-million bond issue (cut from $875 million) is a harbinger of peril ahead, not only for CPS but for the City of Chicago and other Illinois local governments and special districts relying fatuously on borrowing to pay current expenses.
If the Illinois legislature finally passes a pending bill permitting municipalities and special districts to seek relief in U.S. Bankruptcy Court, there might be a parade of them knocking on that door. They’d be well received, for Chapter 9 of the Bankruptcy Code is designed especially for units of local government. The Chapter 9 process enables hard-pressed localities to reduce their overarching debts to manageable levels.
Municipalities in other states have done it recently, to the undoubted relief of their taxpayers, who are the folks ultimately on the hook for the past irresponsibility of their local government leaders.
Pantagraph: It's time to try something different
Four years ago, Caterpillar CEO Doug Oberhelman warned that if Illinois did not change its approach to business, the state would suffer.
Unfortunately, Oberhelman was exactly right.
In an opinion piece that ran in several newspapers, in appearances and in a letter to then Gov. Pat Quinn, Oberhelman pleaded with state officials to put their financial house in order and to make major reductions in workers’ compensation costs.
News Gazette: Main Street/Gibson City: Debt-free progress
From the top, with its century-plus restored tin ceiling, to the bottom, with its maple floors, the SpeakEasy Salon and Spa is an example of how to make a grand statement about building reuse.
With the help of city tax-increment-financing funds, owner Teressa McRae converted a run-down storefront once known as Rose’s Dress Shop into a sparkling spa.
“We wanted this place to be perfect down to the finish of every piece of furniture,” she said.
Quad-City Times: Education funding could be next front in Illinois budget battle
Illinois’ public schools have been largely unscathed in the budget battle that has been roiling the state for the past year, and Republican Gov. Bruce Rauner would like to keep it that way.
In his budget address last week, Rauner called for increased funding for early childhood, elementary and secondary education and for it to be dealt with separately from any other issue. The first-term governor exempted schools from the current budget impasse, now in its eighth month, by signing an education funding bill last summer while vetoing the rest.
“We must make the education of our children our top priority,” Rauner said Wednesday in his speech. “The one thing I won’t back down on — the one thing that’s nonnegotiable for me — is increasing education funding.”
DNA Info: Rahm Moves to Seize Old Main Post Office Property, Choose New Developer
One of Downtown’s largest and most difficult-to-develop buildings may soon be seized by the city through eminent domain, the Mayor’s office announced Saturday.
The Old Main Post Office, 433 W. Van Buren St., which has been vacant since 1996 and has seen a series of failed development plans, may soon change hands.
“The city has notified the building owner of its intention to acquire the vacant property and solicit bids to redevelop it,” a statement from the office of Mayor Rahm Emanuel said Saturday morning.
Sun-Times: Vacation paid for ex-CPS execs
Ten Chicago Public Schools executives who have left in the past several months walked away with an average of $13,000 apiece for unused vacation time, CPS records show.
Among them was Sherry Ulery, who was disgraced former schools chief Barbara Byrd-Bennett’s chief of staff. Ulery left with $20,000 for unused vacation pay.
The others included: