June 21, 2021 21:45

No One Left to Tax

Tying into the Business Insurance post a few spaces down:

  • Commercial property owners along pandemic-ravaged North Michigan Avenue will not be asked to pay higher property taxes to bankroll security improvements spurred by two rounds of looting and nearly constant demonstrations.

    Not yet, at least.

    A proposal to create a special taxing district for commercial properties fronting Michigan, from Oak Street south to the Chicago River, stalled in the City Council’s Committee on Economic and Capital Development on Monday at the behest of two local aldermen.

Could it have anything to do with this?

  • On a recent walk down the Mag Mile, we counted 34 of 108 storefronts closed, most permanently and many boarded up. People we spoke to said it’s “dangerous” to stay after dark, and almost all of the shops now close by 6 p.m. After decades of investment and development in Chicago’s Streeterville, River North and Loop neighborhoods, it would be devastating — to Chicago’s economy and its image — to let Michigan Avenue and the downtown district turn into the Meh Mile.
Groot has well and truly murdered one of the larger economic engines of the City.

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