Illinois Insights: An update from Cozen O’Connor (10/4)

ILLINOIS

AROUND THE STATE

Pritzker touts Illinois’ economic development at data center groundbreaking

“Gov. JB Pritzker at the groundbreaking hailed the project as another victory for his administration’s economic development strategy and noted the project will bring with it hundreds of union construction jobs,” by Capitol News Illinois.

Pritzker to travel to Tokyo for second time for business meetings

“Gov. JB Pritzker will travel to Tokyo this weekend to meet with businesses in hopes of attracting more to set up operations in Illinois, Pritzker announced on Thursday at an unrelated news conference in Peoria,” by The Daily Line.

O’Neill Burke, Fioretti discuss pre-trial detention, business confidence as early voting opens in race to replace Foxx as state’s attorney

“Although Eileen O’Neill Burke is favored to win the Cook County State’s Attorney race in a county that regularly votes for Democrats, the former judge told The Daily Line she’s not taking anything for granted as polls open countywide,” by The Daily Line.

South suburban property owners carry higher tax burden than in city: watchdog

“Homeowners and commercial property owners in Cook County’s south suburbs carry a higher tax burden than those in the city of Chicago, though the gap has gotten smaller over the last decade, according to a new report from the Civic Federation,” by Crain’s Chicago Business.

New Cook County dashboard tracks opioid, gun and temperature deaths

“The Medical Examiner Case Archive Dashboard allows users to access a range of demographic information for Cook County residents who’ve died as a result of opioids, guns or temperature-related deaths, including age, gender, race and ethnicity,” by the Daily Herald.

Pritzker urges patience on evaluating carbon sequestration law as ADM reports second leak

“Gov. JB Pritzker said he wants the federal regulatory process to play out on carbon capture and sequestration technology after a second leak at a Central Illinois sequestration site has stoked ongoing fears about the technology’s threat to drinking water in the region,” by The Daily Line.

New tech lets state police warn drivers to move over ahead of emergency scenes

“Waze and Google Map alerts will give drivers a heads-up, protecting cops and first responders, state officials say,” by the Chicago Sun-Times.

CHICAGO

Entire Chicago Board of Education members to resign

All seven members of the Chicago Board of Education will resign in the coming weeks, according to a joint statement from the mayor’s office and the board today. The announcement comes after months of tension between Mayor Brandon Johnson and Chicago Public Schools CEO Pedro Martinez.

“With the shift to a hybrid elected and appointed Board forthcoming, current Board members and Mayor Johnson understand that laying a strong foundation for the shift is necessary to serve the best interests of students and families in Chicago Public Schools,” the statement said.

The statement said all current board members are “transitioning from service on the Board later this month.”

The stunning shakeup allows the mayor to reappoint the entire school board.

Committee approves $1.5 billion bond refinancing 

The City Council Committee on Finance voted to pass a $1.5 billion bond proposal Wednesday to refinance debt and help the city close its budget holes.

The ordinance (SO2024-0012442) authorizes up to a $1.5 billion refinancing through a sales tax securitization corporation set up by the city in 2017. Under the ordinance, the city will refinance $980 million in General Obligation Bonds using a mix of general obligation and sales tax securitization corporation bonds.

The refinancing is estimated to generate up to $90 million in savings this year and an additional $35 million next year, according to a presentation from the Finance Department.

The measure will now move to the full City Council for a vote as soon as October 9.

In a separate act, the Committee also approved an ordinance (O2024-0012441) that authorizes the city to refinance $152 million in Wastewater Transmission Revenue Bonds.

MORE FROM CITY HALL

United Center’s $7B transformation could break ground next summer, ownership says

“The massive project that would transform part of the West Side could have fans enjoying some of the new amenities in the next couple of years,” by the Chicago Sun-Times.

Loop office-to-residential conversion on track for $28 million in city funding

“The Finance Committee unanimously approved $28 million in public funding toward a project at 79 W. Monroe St. being developed by Campari Group and R2, teeing up a final vote in the City Council as soon as Oct. 9,” by Crain’s Chicago Business.

Investor plans LaSalle Street office-to-apartment conversion, eyes distressed Loop offices

“After picking up a distressed office building near Willis Tower off the discount rack, Chicago investor Igor Gabal has purchased a vintage LaSalle Street property out of foreclosure with a $50 million-plus plan to transform it into as many as 190 apartments. And he’s already lining up his next big investment a few blocks away,” by Crain’s Chicago Business.

FEDERAL

Cozen Cities: Staffing Up

Despite her relatively short time in Washington, Vice President Harris has developed an extensive network during her time in public service that she will be able to draw upon to staff her administration if elected president.

Former President Trump is likely to rely on a network of formal and informal advisors in a second term and particularly draw on a network of MAGA think tanks preparing for a second Trump administration.

If, as polling increasingly suggests, Republicans win a slim Senate majority next year, the razor thin margins could create an opening for moderate Senators Susan Collins (R-ME) and Lisa Murkowski (R-AK) to take on the power broker role retiring Senators Joe Manchin (I-WV) and Kyrsten Sinema (I-AZ) held this Congress.

Read the Cozen Currents here.

Beltway Briefing: A Local Pulse on the National Election 

State-level political commentary often functions as an echo chamber. As red pockets emerge in traditionally blue states like Illinois, New York, and Virginia, it becomes crucial to analyze and compare the local political dynamics, pressing issues, and recent events driving these shifts to build a meaningful national narrative. How will these local challenges shape federal outcomes? What factors are energizing voters at the grassroots level? And what predictions, if any, can be drawn from these local trends for the top of the ticket? Featuring Public Strategies’ John Dunn (Illinois), Rose Christ (New York), and Julia Hammond (Virginia).

Listen to the Beltway Briefing here.

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