Story by 89 WLS Reporter Bill Cameron
(CHICAGO) Mayor Rahm Emanuel is mum about a new DePaul basketball arena apparently planned for McCormick place, but news is coming out about some of the controversial financing proposals behind the project.
Word leaking out of City Hall indicates that a big chunk of the financing for a new DePaul arena would come from the pot of cash that robs millions from public schools. This would be very controversial because Emanuel is on the point of closing 54 schools.
About $50 million of this tax increment financing is said to be part of the deal. DePaul would supposedly chip in about $70 million and the McPier authority would provide about $70 million of bonding. That borrowing would be backed by hotel taxes, but in recent years McPier came close to having to dip into state sales taxes to pay off other bonds.
We wanted to ask the mayor about all of this, but he announced in advance he wouldn’t take questions at a Garfield Park Conservatory event this morning and when we tried anyway, he fled to his SUV and left.
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