KATHY POSNER AFTER CHICAGO TAX BREAKS
Kathy Posner2008-The CME Group, owner of the Chicago Mercantile Exchange and the Chicago Board of Trade shows a $715 million profit.
2009-In September, CME asks for a $15 million Tax Increment Financing (TIF) subsidy to renovate the Chicago Board of Trade building. (TIF money is supposed to be used to help underserved neighborhoods and schools. The Board of Trade is located in Chicago's prestigious financial district at 141 W. Jackson.)
2010-In November, the City of Chicago gives the $15 million to CME and CME pledges to add 638 to 900 jobs over the next 10 years.
2011-In the first quarter of the year, CME shows a profit of $457 million.
2011-Illinois Governor Pat Quinn, the Illinois Department of Commerce and Economic Opportunity (DCEO) start throwing money at corporations under a new tax credit program called, Economic Development for a Growing Economy (EDGE).
2011- I write a number of blogs saying every corporation in Illinois should threaten to move to another state because then Governor Quinn would give them money to stay.
2011- Early June, Terry Duffy, chairman of CME, said he, Chief Financial Officer James Parisi and the company's internal staff were evaluating a move to another state because the Illinois corporate tax rate was too high.
2011- On June 8th, the Sun-Times reports, "A spokesman for Governor Pat Quinn said the administration 'has an aggressive business agenda and is always open to meeting with business leaders' about their concerns and job creation." And, "(CME) executives said any extra costs firms would face for moving the equipment would quickly be repaid by states eager to get the CME. The company is believed to be looking at New York, New Jersey, Texas and Indiana."
2011- On June 13th, the Dow Jones wire reports, "CME Group Inc, said Monday it is looking to sell most of the Chicago Board of Trade building, putting one of Chicago's most iconic structures on the market. A CME spokesman said the sale of the Board of Trade building isn't connected to discussions over a potential move and declined to say whether it would make an exit easier." CME spokesman Michael Shore also said there was NO connection between the remarks that CME Executive Chairman Terry Duffy made last week about the company leaving Illinois and the fact that CME was now putting the building up for sale.
Prediction
2011- I predict that by July 1st, Governor Quinn will announce a tax break for CME so they won't move and champagne will be flowing on the floor of the Board of Trade because Quinn blinked first.
Read More From Planet Posner Here....
2009-In September, CME asks for a $15 million Tax Increment Financing (TIF) subsidy to renovate the Chicago Board of Trade building. (TIF money is supposed to be used to help underserved neighborhoods and schools. The Board of Trade is located in Chicago's prestigious financial district at 141 W. Jackson.)
2010-In November, the City of Chicago gives the $15 million to CME and CME pledges to add 638 to 900 jobs over the next 10 years.
2011-In the first quarter of the year, CME shows a profit of $457 million.
2011-Illinois Governor Pat Quinn, the Illinois Department of Commerce and Economic Opportunity (DCEO) start throwing money at corporations under a new tax credit program called, Economic Development for a Growing Economy (EDGE).
2011- I write a number of blogs saying every corporation in Illinois should threaten to move to another state because then Governor Quinn would give them money to stay.
2011- Early June, Terry Duffy, chairman of CME, said he, Chief Financial Officer James Parisi and the company's internal staff were evaluating a move to another state because the Illinois corporate tax rate was too high.
2011- On June 8th, the Sun-Times reports, "A spokesman for Governor Pat Quinn said the administration 'has an aggressive business agenda and is always open to meeting with business leaders' about their concerns and job creation." And, "(CME) executives said any extra costs firms would face for moving the equipment would quickly be repaid by states eager to get the CME. The company is believed to be looking at New York, New Jersey, Texas and Indiana."
2011- On June 13th, the Dow Jones wire reports, "CME Group Inc, said Monday it is looking to sell most of the Chicago Board of Trade building, putting one of Chicago's most iconic structures on the market. A CME spokesman said the sale of the Board of Trade building isn't connected to discussions over a potential move and declined to say whether it would make an exit easier." CME spokesman Michael Shore also said there was NO connection between the remarks that CME Executive Chairman Terry Duffy made last week about the company leaving Illinois and the fact that CME was now putting the building up for sale.
Prediction
2011- I predict that by July 1st, Governor Quinn will announce a tax break for CME so they won't move and champagne will be flowing on the floor of the Board of Trade because Quinn blinked first.
Read More From Planet Posner Here....
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