Jeff, you know, of course, that Richard Daley is not the Mayor of Chicago. Accordingly, whatever he or his father (deceased) might or might not do has little relevance. There are numerous practical difficulties involved with the project largely relating to raising the private funds and dealing with traffic issues.. As noted, various factions in the community have different interests and ideas. Don't expect all of the negotiations to be played out in the press. Give this some time. It is by no means a done deal, neither is it dead.
SL, great to talk with you as well. Unfortunately, much of what Richard M. Daley did lives on today and is of much relevance. How about the 75 year lease of the city's parking meters for about $1.1 billion, for what some are saying could have been 2x's to as much as 10x's that. Or the Chicago Skyway 99 year lease in 2005 for $1.8 billion, that was resold just last year I believe from the financial consortium that purchased it to a Canadian pension fund for $2.8 billion for the remaining 90 years or so. Thank God Rahm Emanuel didn't allow the privatization of Midway airport, which Daley also tried to push through.
I have no problem with privatization, however the City of Chicago has been in dire straits financially for almost 20 years. They have been classified by the rating agencies as Junk Bond Status. That means you pay more interest, like loan shark interest, for your bonds. Why is it junk? The cash flow streams have been sold off for large lump sum payments, which have been used to plug gaps in operating deficits, particularly the Daley years. The parking meter money I think is gone, the skyway money I believe has maybe 1/3 left. This was supposed to be a piggy bank that when invested in a diversified portfolio of index funds would return cash flow for the next 75-99 years. However it is mostly gone, and with it the cash flow it could have brought, as a result the city's cash flow is severely hampered and Junk status remains.
I saw the city got creative and got a AAA rated bonds just 2 months ago, backed by the State of Illinois sales tax revenue it receives, thus not using it's own credit rating. If the city goes into bankruptcy who knows where these creditors will fall however.
When politicians are able to make long term commitments, in this case lifetime commitments of even newborns you are mortgaging your future, for the politician wants to take care of the right now, regardless of what the future consequences maybe. The above deals are examples of that, in that they didn't get enough money in the parking meter deal nor did they add sufficient language in those deals to manage their risks (allowing increasing parking charges/tolls, paying for parking spaces not in service due to road closure, etc.).
So there is some Daley consequence that will live on for quite some time unfortunately. Also, I want to add that although critical of some of the deals made, I actually like the strong leadership of Daley and to a much lesser extent Emanuel. To be the Mayor of Chicago you can't be meek.
This project for the golf courses I'm in full support of as long as there are protections and language in place to assure children can play for free, city residents pay rates equal to rates now with inflation adjusted increases only, and there is a very large First Tee/WGA youth program. I don't want this course to be a high daily fee course that moonlights as being utilized by the residents/children of the City of Chicago. I want it to be utilized by the City of Chicago residents/children that moonlights as a championship course for a couple weeks a year hosting whatever Western Open they can bring.