CTA Doomsday Schedule: Day 2
Calumet Fisheries Wins James Beard Award
How To: Roast a Chicken (If You're an Idiot)
CTA Service Cuts Start Today
30% Chance Of Hailey
File this under No Surprise to Anyone: Metropolitan Pier and Exposition Authority, otherwise known as McPier, is deep in debt. Crain's is reporting that according to the new chairman of McPier,
When the current fiscal year ends June 30, McPier predicts tourism-based revenue will be down $33.9 million from the previous year, following an $18.8-million decline from fiscal 2009. At the same time, operating income has fallen 4.4% in the fiscal first quarter, ended Sept. 30, at Navy Pier, the Hyatt Regency McCormick Place and the McCormick Place convention center.Those declines in tourism-based revenue mean that the authority will fall nearly $40 million short when it comes to making payments on its bonds. McPier, which had an operating loss of $4.4 million in the first quarter of this fiscal year, hopes to tap into $52.7 million in state sales tax to cover the losses. Previous attempts to get legislative approval for such a move have not been successful, but Gates says they plan to continue to seek such an approval. “The state will pay that shortfall for the foreseeable future until we can restructure these bonds and get our financial house back in order,” Gates told Crain's.“This combination put us in a fairly significant and unprecedented financial hole,” says [Mc Pier Chairman John Gates Jr], who took over as head of McPier two weeks ago. “It’s not an insurmountable hole, but we can’t climb our way out of it and conduct business as usual.”
add to stumble upon
add to reddit
tweet this
post to facebook
If the state gives aid to Navy Pier and the convention center but not to the CTA, then they have officially gone insane.
Why not just raise the food & beverage sales tax they already charge "downtown"? I mean the taxes here haven't quite squeezed every last penny out of me yet.
I still think Navy Pier should be completely gutted and turned into a greenhouse.
I blogged about this in June of last year:
Any Chicagoan knows that all of Navy Pier is rather boring and dumpy. It's only saving grace is its location and views of the city and lake.
The biggest problem with Navy Pier is its lack of an identity. It tries being too many things and it doesn't do any of them well. The stupid mini-mall carnival-like shops are a joke. There's only a couple restaurant options none of which are any better than any chain store. The ferris wheel is ok, but nothing notable. The list goes on and on.
Inspiration for what Navy Pier should should be comes from Daniel Burnham who designed Navy Pier formally known as Municipal Pier. His famous quote, "Make no little plans; they have no magic to stir men's blood" has become the slogan for Chicago and certainly should apply to this great pier. Currently Navy Pier is just a random collection of little plans. Throw those little plans on the scrap heap. Burn them to dust and start completely anew. Navy Pier easily has the potential to be a world landmark. Its location is the perfect starting ground. It has an awe-inspiring view of the world's greatest skyline set on the lake. How to complement this experience? Easy. Imagine ALL of Navy Pier being the world's greatest greenhouse.
The idea of the urban city neighboring nature is a trademark of Daniel Burnham from which the Navy Pier Greenhouse draws its inspiration. Millions of picture-perfect postcard opportunities would be waiting within and outside the Navy Pier Greenhouse. Imagine a lush tropical setting with the Chicago skyline in the background and the tranquil emerald environment with Lake Michigan gently filling the surroundings. Or simply become consumed in the 3,330 foot long garden complete with meadows, forests, prairies, waterfalls and all that nature offers. It would be a memorable experience for all those who visit.
Of course there's the environmentally-conscious side to all this. Chicago prides itself on its focus to be a world-class green city. The Navy Pier Greenhouse would be the greatest symbol of such. A trademark image of Chicago would become the glistening reflective glow of the Navy Pier Greenhouse settled in Lake Michigan with the broad shoulders of the Chicago skyline proudly looking over this gem.
Just SELL navy pier. Make sure the land is zoned strictly non-residential and sell it! Here is an asset the city should not be holding.
Tear down McCormick East and make it a Park, I like that idea there. Expand the firefighter / fallen officers? park, forgive me i forget exactly the name, just south of McCormick on the lakefront path. Then SELL the rest of the McCormick complex. Since it is non-lakefront, developers can do as they wish. Likely a good place to provide profitable services for park visitors.
Bottom line, end McPier.
A city this broke should be looking at selling a piece somebody actually wants, not preserving the annual salary of members of the executive class who occupy quasi-governmental posts luxuriously guaranteed by taxpayers. We'll have to eat that bond issue because, just like the Olympic cartel plan, we likely signed up to bail them out if they lose!! oh and all the country clubbin' cronies will get fat golden parachutes courtesy of da taxpayers. But moving forward without the McPier albatross, the expense accounts they ring up at our risk will disappear, their salaries will not enrage us, our responsibility for assuring their comfortable survival will end.
1. Daniel Burnham did not design Navy Pier. He may have suggested it (actually two) but that's the extent of his involvement. He didn't even do the drawings.
2. Sell it. (great idea, MitchMurray! I like your no small plans).