Taxpayers may be out $8M on site tied to Daley nephews
Over the past nine years, two nephews of former Mayor Richard M. Daley have been involved in separate plans to redevelop a rundown warehouse on 15 acres of polluted land in Little Village just north of the Stevenson Expressway.
It hasn’t turned out well for Chicago taxpayers.
First, taxpayers have to make up for $4.2 million in city pension money invested on behalf of teachers, police officers and other city workers that ended up squandered on failed development plans involving Daley’s oldest nephew, Robert G. Vanecko.
Now, taxpayers stand to lose another $4.1 million on the same property at 3348 S. Pulaski Rd. That’s the amount of a property-tax break given to a second redevelopment deal for the site.
Read more: http://chicago.suntimes.com/chicago/watchdogs-taxpayers-lose-8m-on-site-linked-to-2-daley-nephews/