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Il tollway payment11/14/2023 Daley’s $1.8 billion privatization deal of the Chicago SkywayĪt the time, it was estimated privatization of the tollway could generate as much as $24 billion for the state. Rod Blagojevich - who’s now in federal prison - opened the door to consider such a move, fueled by then-Mayor Richard M. If sold or leased, it " would be the largest privatization of a government asset in state history, and this isn’t the first time it has been discussed as part of dealing with a burgeoning public employee pension debt," add Petrella and Pearson. There’s complicated history and governance structure there. “There are bond covenants that are attached to the tollway. “The tollway doesn’t really meet that standard, quite honestly, because that’s not something that could be done quickly,” he said. Dan Hynes at a meeting of the City Club of Chicago on Feb. The Illinois Tollway, as the authority is called, may not even be placed on the list because of the time involved for the sale or lease of the 294 miles in five tollways that comprise the system, explained Deputy Gov. The administration has yet to prepare a list of assets that could be sold. Thompson Center in the Loop, among others. Pritzker wants to sell state assets and deposit the proceeds into the pension funds.Some of the state’s biggest holdings include the Illinois Toll Highway Authority, the Illinois Lottery and real estate such as the James R. The "cornerstone" of the plan to pay down the debt would be to transition from a flat income tax to a graduated system, but that would take two years to prepare as it must first go to the voters. While not the key component, it could play an important role. Instead, it i s driven by how to solve " the state's most vexing fiscal problem:" $134 billion in unfunded pension liabilities, according to Dan Petrella and Rick Pearson of the Chicago Tribune. Mitch Daniels explained, is that the motivation doesn't stem from a need for improving transportation infrastructure. What differentiates the Pritzker approach to toll road leasing from others, such as the 2006 leasing of the Indiana Toll Road for $3.8 billion to meet a $3 billion transportation spending shortfall, as then- Gov.
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