Where did all the parking meter money go? David Roeder of the Chicago Sun-Times tells us. To fill holes created by deals like this:
Last summer, owners of Willis Tower, the former Sears Tower, announced plans for a $350 million hotel next to it, plus a top-to-bottom renovation of the skyscraper to conserve energy. Given the economy and the finance market, nothing has happened since then but some talk with the city, and apparently that hasn't gotten far.
Perhaps that's because the tower's team has been shopping for a whopping subsidy, at least $100 million under the tax-increment financing program, said Ald. Robert Fioretti, whose 2nd ward includes the property. Fioretti said the original request was in the $200 million range, and that he keeps telling the developers to curb their appetites. "I tell them I've got a lot of other things to use TIF money for," he said. Fioretti added that "they are a long way away" from a deal with the city
