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View Poll Results: Where?
New York City 16 3.10%
Greater Boston 32 6.20%
Philly 38 7.36%
DC/N. Virginia 50 9.69%
Raleigh/NC Research Triangle 32 6.20%
Austin 48 9.30%
San Francisco/Bay Area/Silicon Valley 13 2.52%
Baltimore 11 2.13%
Toronto 33 6.40%
Pittsburgh 35 6.78%
Chicago 99 19.19%
Atlanta 109 21.12%
Voters: 516. You may not vote on this poll

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Old 09-12-2017, 05:27 AM
 
7,906 posts, read 4,872,366 times
Reputation: 4101

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Quote:
Originally Posted by DavePa View Post
It's simply noting that CORPORATE AMERICA ----> has not abandoned the Core of Chicago. Its ADDING TO IT. The Tribune has PLENTY of articles CRITICAL of the political issues there. But not unique to this city and state...... but is certainly the worst in pension debts even sunbelt cities have today even in Texas. .

NYC's is astronomical.... but its wealth can still better sustain it. Its just being FAIR AND BALANCED to give where CHICAGO STILL IS A VERY VIABLE CANDIDATE FOR AMAZON.
Yeah, no problem. Gotcha. Illinois and Chicago have no unusual fiscal difficulties. BTW, can you name another state that currently hasn't paid its bills for two years, or engaged in deficit spending for 15 years?

<< All the while, Illinoisans are leaving in record numbers....

In both cases, the borrowing exposed a fundamental flaw in Illinois’ balanced budget requirement: Proceeds from borrowing can count as budgetary revenue.>>

https://www.illinoispolicy.org/repor...fiscal-crisis/

Check out the table of credit ratings in the above article. No other state comes close to the Illinois rating, one level above junk. Apart from New Jersey, all other states have at least AA credit ratings. NJ is rated A3, and Illinois is rated Baa3.

It's an axiom of finance that a government credit rating can impact a corporation's credit rating. E.g., financial duress results in higher taxes or decreased services, such as education.

Now consider the impact of much higher interest rates projected by some of the nation's most astute credit experts. E.g., Jeff Gundlach, the "new bond king," expects the 10-year Treasury note yield to more than double to 6 percent by 2021. If Gundlach is correct, Illinois and likely Chicago seem headed to an unprecedented financial crises, with perhaps both the state and city facing bankruptcy.

Why would Amazon jump on a sinking boat despite the actions of other corporations? Ten percent higher property taxes in one year? A 32 percent hike in the state income tax?

Chicago property tax bills going up 10 percent this year - Chicago Tribune

Your Illinois income tax hike? Right now. Reforms? Maybe later &mdash; maybe. - Chicago Tribune

https://www.illinoispolicy.org/the-d...est-tax-hikes/

It appears in Illinois and Chicago that it's time to pay the Piper, and Chicago may be hard pressed to keep existing businesses let alone lure an Amazon.

So many investors would find it shocking if Amazon picks Chicago for its HQ2.

Last edited by WRnative; 09-12-2017 at 05:35 AM..

 
Old 09-12-2017, 05:35 AM
 
Location: Terramaria
774 posts, read 841,357 times
Reputation: 910
Economic/fiscal issues asside, there are many parts of Chicago also (West/South sides) that could also use a boost, and Amazon is a great opportunity to fill some of those, with the South Loop my ideal location for the second HQ. Of course, the post above is the city's problem, not Amazon's, and I feel that an employer would help to grow the tax base to stop the current maddening hikes and make Chicago a more reasonably priced city.

It's quite fitting since Chicago is the home of the largest mass merchandise building (theMART) that serves as a testimony to its retail legacy. Plus, since Sears (the biggest thing in retail for much of the previous century) eventually led to the city's tallest skyscraper, why not Amazon? I'd locate it at the southern end of Wacker Drive where it dead-ends with Harrison Street along the river, near the LaSalle Street station and right across from the post office building, just off the end of an expressway and withing walking distance of six transit lines and a Greyhound station, and of course, build a supertall.
 
Old 09-12-2017, 06:47 AM
 
Location: Clemson, SC by way of Tyler,TX
4,857 posts, read 2,982,689 times
Reputation: 3399
Quote:
Originally Posted by Borntoolate85 View Post
Economic/fiscal issues asside, there are many parts of Chicago also (West/South sides) that could also use a boost, and Amazon is a great opportunity to fill some of those, with the South Loop my ideal location for the second HQ. Of course, the post above is the city's problem, not Amazon's, and I feel that an employer would help to grow the tax base to stop the current maddening hikes and make Chicago a more reasonably priced city.

It's quite fitting since Chicago is the home of the largest mass merchandise building (theMART) that serves as a testimony to its retail legacy. Plus, since Sears (the biggest thing in retail for much of the previous century) eventually led to the city's tallest skyscraper, why not Amazon? I'd locate it at the southern end of Wacker Drive where it dead-ends with Harrison Street along the river, near the LaSalle Street station and right across from the post office building, just off the end of an expressway and withing walking distance of six transit lines and a Greyhound station, and of course, build a supertall.
Would be fitting.
 
Old 09-12-2017, 07:19 AM
 
Location: Sweet Home Chicago!
5,183 posts, read 3,717,203 times
Reputation: 6088
Many cities/states have fiscal issues. Not making excuses for Chicago, but if we're going to discount a city/state for not being fiscally sound then we're all doomed > U.S. National Debt Clock : Real Time

No one can look at the list of new construction and corporate relos in Chicago and not raise an eyebrow. It's simply breathtaking. Plus, Chicago has a low cost of living when compared to our East/West Coast cousins. Even if taxes continue to rise, Chicago's CoL will remain incredibly attractive for a world class city. I've been listening to the doom and gloom since I was a kid and today I'm still listening to it as we experience one of the biggest building and relo booms in Chicago history!
 
Old 09-12-2017, 07:20 AM
 
Location: Twin Cities (StP)
3,017 posts, read 1,871,010 times
Reputation: 2342
St. Paul
 
Old 09-12-2017, 07:43 AM
 
Location: Bel Air, California
21,319 posts, read 21,886,413 times
Reputation: 33486
Quote:
Originally Posted by Grizzly Addams View Post
St. Paul

I agree, they touch all of the bases and appear to be the media darling and have the Ford Plant site all ready for construction and convenient access to the Mississippi River and the high speed barges.
 
Old 09-12-2017, 07:50 AM
 
640 posts, read 671,678 times
Reputation: 464
Personally, I hope they choose a city no one is expecting. I guess we will see, it will be very interesting!!
 
Old 09-12-2017, 08:35 AM
 
Location: St Simons Island, GA
23,075 posts, read 35,028,118 times
Reputation: 15246
Quote:
Originally Posted by NativeSon504 View Post
Personally, I hope they choose a city no one is expecting. I guess we will see, it will be very interesting!!
An underdog would be a pleasant surprise. But the criteria already laid out by Amazon would seem to make that a long shot.
 
Old 09-12-2017, 09:24 AM
 
5,460 posts, read 2,298,642 times
Reputation: 16440
I dunno. To me, it feels as if Amazon is exercising a little hubris, and is now less worried about cost containment. The Whole Foods purchase made a lot of sense, creating an entire distribution channel. But just essentially erecting a small city from scratch seems to be awfully short sighted.
 
Old 09-12-2017, 09:30 AM
 
11,172 posts, read 22,375,148 times
Reputation: 10924
Quote:
Originally Posted by WRnative View Post
Yeah, no problem. Gotcha. Illinois and Chicago have no unusual fiscal difficulties. BTW, can you name another state that currently hasn't paid its bills for two years, or engaged in deficit spending for 15 years?

<< All the while, Illinoisans are leaving in record numbers....

In both cases, the borrowing exposed a fundamental flaw in Illinois’ balanced budget requirement: Proceeds from borrowing can count as budgetary revenue.>>

https://www.illinoispolicy.org/repor...fiscal-crisis/

Check out the table of credit ratings in the above article. No other state comes close to the Illinois rating, one level above junk. Apart from New Jersey, all other states have at least AA credit ratings. NJ is rated A3, and Illinois is rated Baa3.

It's an axiom of finance that a government credit rating can impact a corporation's credit rating. E.g., financial duress results in higher taxes or decreased services, such as education.

Now consider the impact of much higher interest rates projected by some of the nation's most astute credit experts. E.g., Jeff Gundlach, the "new bond king," expects the 10-year Treasury note yield to more than double to 6 percent by 2021. If Gundlach is correct, Illinois and likely Chicago seem headed to an unprecedented financial crises, with perhaps both the state and city facing bankruptcy.

Why would Amazon jump on a sinking boat despite the actions of other corporations? Ten percent higher property taxes in one year? A 32 percent hike in the state income tax?

Chicago property tax bills going up 10 percent this year - Chicago Tribune

Your Illinois income tax hike? Right now. Reforms? Maybe later &mdash; maybe. - Chicago Tribune

https://www.illinoispolicy.org/the-d...est-tax-hikes/

It appears in Illinois and Chicago that it's time to pay the Piper, and Chicago may be hard pressed to keep existing businesses let alone lure an Amazon.

So many investors would find it shocking if Amazon picks Chicago for its HQ2.
Lets all calm down and breath. Do you even live in Illinois? You read like you're hyperventilating.

Illinois and Chicago have a lot of fiscal issues, but so far that hasn't had much impact on the business community.

Hell, Chicago just got its 4th year of being in #1 place for metro corporate expansions and relocations. I would at least expect the quick growth to slow down before some doom and gloom, hell and brimstone scenario plays out.

The state just last month FINALLY pushed through a budget after two years of nothing. They also passed a huge school funding and pension bill for the state and the city of Chicago has passed through property tax adjustments and revenue source bills to right its pension issues.

The state didn't have an operational budget mess lately as much as it specifically had a pension funding mess due to pension funding being passed over for so many years in the past. At some point it was going to come back and bite them.

State income tax increases and property tax adjustments were finally put in place to give solid foundation for state and teachers pension issues, to start paying down the back-due bills piling up at the state level and Chicago has reached deals to fund its Police and Fire, Teachers and City Workers pensions.

People are quite fired up about all the changes and it sucks - but if anything today the state is finally on solid footing financially speaking as we move forward, it's just not pretty. It'll take a while to get that bill backlog paid down, but finally something is in place.

That said, as I stated, for whatever reason none of that has had much of an impact on all the corporate relocations and expansions lately.

Employment in the city of Chicago just passed its previous peak set in the year 2000 and is up 155,000 since 2010.

Employment in the downtown area hit an all-time high of 575,000 last year due to all the corporate relocations and expansions, the exact thing they're trying to increase and bring in with Amazon. Loop employment has shot up nearly 100,000 in the past 7 years. It's evident if you walk around downtown and see the crazy amount of residential, office and amenity construction going on all over.

The city and state have screwed things up and have made HUGE messes for themselves over the years, but probably the one huge bright spot during it all is what's happened to downtown Chicago and its ability to reinvent itself and sell itself as a destination to work, live and play more than it ever had in the past.
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