The Spin: City Council approves renaming Lake Shore Drive for DuSable | Will Pritzker sign legislation that could trigger regular property tax hikes? | Preckwinkle administration wants more authority over COVID-19 relief funds - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
June 25, 2021 Newswires
Share
Share
Post
Email

The Spin: City Council approves renaming Lake Shore Drive for DuSable | Will Pritzker sign legislation that could trigger regular property tax hikes? | Preckwinkle administration wants more authority over COVID-19 relief funds

Chicago Tribune (IL)

Good afternoon on this soggy Friday. We’re talking money and politics, among other things, today.

The talker this afternoon is about legislation headed to Gov. J.B. Pritzker’s desk that could trigger annual real estate tax increases across Illinois. Approved by the House and Senate in the spring legislative session, the measure would “give local taxing bodies the ability to make up for refunds they’ve issued due to erroneous property over-assessments by shifting those costs onto the rest of their taxpayers,” the Tribune’s Rick Pearson writes.

He shines a light on a complicated matter that reveals the power of the education lobby in Springfield, which backed the measure. Property owners can see from their own tax bills that the biggest chunk of their money traditionally goes to schools.

Meanwhile, three Chicago drivers have launched a David vs. Goliath fight that likely will earn them some love from both City Hall and motorists in this town if they win. They’re suing Chicago Parking Meters LLC over what they say is a “75-year monopoly.” The much reviled deal hammered out by then Mayor Richard M. Daley’s administration — and hastily approved by City Council — granted the company an exclusive lease deal on the meters if they paid $1.16 billion up front.

The agreement has been lucrative for CPM’s investors. They’ve reportedly recouped their $1 billion-plus investment, with dozens of years left on the deal. Meantime, the cash-strapped city has raised property and other taxes on residents and visitors alike to make ends meet.

Also, a bit of a power struggle seems to be unfolding between Cook County Board President Toni Preckwinkle and the county board. Preckwinkle’s administration is seeking more control of $1 billion in anticipated federal aid. During this week’s regular county board meeting, commissioners raised fears of being cut out of how the stimulus funds would be spent and sent the measure to the Finance Committee for “fine tuning,” Yin writes.

And Chicago City Council a short time ago approved renaming Lake Shore Drive for the city’s Black founder. From now on, it’s officially Jean Baptiste Point DuSable Lake Shore Drive.

Welcome to The Spin.

LSD officially renamed John Baptiste Point DuSable Lake Shore Drive

The Tribune’s John Byrne and Gregory Pratt write: “Two years after a South Side alderman introduced an ordinance to rebrand the landmark Chicago Lake Shore Drive to honor DuSable because he was upset he didn’t hear the Black founder of Chicago mentioned during a river boat tour, the City Council on Friday ended months of racially charged debate by adopting a compromise to make it so.

The vote was 33-15: The “no” votes came from 12 white and three Latino aldermen.

While the ordinance calls for the renaming to happen immediately, it’s not clear how long it will for signs with the new name to go up on the iconic lakefront highway. More here.

Mayor Lori Lightfoot opposed Ald. David Moore’s initial plan to rebrand Lake Shore Drive, “DuSable Drive” arguing it would make the city tougher to market, Byrne and Pratt write. “But she got behind the late ‘DuSable Lake Shore Drive’ deal rather than risk taking a total loss in the 50-member council,” they write.

Also at today’s City Council meeting: Chicago aldermen approved Mayor Lightfoot’s proposed ban on alcohol sales at packaged good stores after midnight, Pratt writes. The mayor originally pushed for a 10 p.m. cap but aldermen balked and that proposal died. Her push to permanently shorten sales hours stem from what she called “quality of life issues” such as loitering and “illegal activity” in the vicinity of liquor stores. Full story here.

Other news Chicago civil rights activist, the Rev. Jesse Jackson, was arrested this week during a Capitol Hill protest over voting rights and the filibuster’s abolition, CNN reports.

Chicago drivers pursue class action lawsuit against Chicago Parking Meters over ’75-year monopoly’ granted by city

My Tribune colleague Robert Channick wrote about the three Chicago drivers suing Chicago Parking Meters, alleging the private company’s exclusive contract to operate street parking represents a “75-year monopoly” granted by the city. Read the full lawsuit here.

Channick writes: “The lawsuit, filed on behalf of Chicago residents Micah Uetricht, Marianela D’Aprile and John Kaderbek, alleges the agreement bars both active regulation by the city over the rates charged by Chicago Parking Meters, as well as competitive bidding for other vendors to provide the service more efficiently, in violation of federal antitrust laws.”

The suit also alleges the deal violates the Illinois Consumer Fraud Act. It is seeking a reimbursement of legal fees, undisclosed monetary damages and other relief.

The city isn’t named as a defendant, but isn’t commenting. Mayor Lightfoot has complained about the deal and her successor Mayor Rahm Emanuel tweaked the deal to allow for free Sunday parking, adjusted hours of operation and the ability to pay with smartphones.

Likewise Chicago Parking Meters LLC and the attorney representing the trio aren’t commenting. Full story here.

Bill headed to Pritkzer’s desk could trigger annual property tax assessments

Rick Pearson writes: “Legislation headed to Gov. J.B. Pritzker’s desk could set the stage for a wave of annual real estate tax increases across Illinois by giving local taxing bodies the ability to make up for refunds they’ve issued due to erroneous property over-assessments by shifting those costs onto the rest of their taxpayers.

“Under the measure, starting with next year’s property tax bills, a taxing district levy shall be increased to reflect refunds through rulings of the Property Tax Appeals Board, a court-ordered assessment correction or a certificate of error. Because such appeals can often take years, and due to annual assessment errors, the recapture provision means likely annual future increases in property tax bills regardless of current limits in state law.

“The legislation points to the power of the education lobby in Springfield, from local school districts and administrators to teachers’ unions, amid Illinois’ overly dependent system of funding schools at the local level through property taxes rather than through state funding.

“Property taxes for schools traditionally make up the biggest line item on real estate tax bills and proponents of the legislation came largely from the education community.

“Pritzker has not stated a position on the bill.” More here.

‘Senior freeze’ tax program aimed at helping residents 65 and older on fixed incomes full of errors, lax oversight in Cook County, Sun-Times finds: Passed three decades ago, the senior freeze law was pitched by legislators as a way to protect those 65 and older from big tax increases, the Sun-Times’ Lauren FitzPatrick and Tim Novak report.

“In Cook County, though, officials admit the program is riddled with errors,” Fitzpatrick and Novak write. “And oversight is so lax that they don’t even try to verify that applicants meet the household income threshold of no more than $65,000 a year.” Cook County Assessor Fritz Kaegi’s office acknowledged the problem but declined to be interviewed, Fitzpatrick and Novak write. But a spokesman tells the paper that an audit has been launched. Full story here.

Sign up for The Spin to get the top stories in politics delivered to your inbox weekday afternoons.

Preckwinkle power play?

My Tribune colleague Alice Yin details Preckwinkle’s maneuver to give her office more control over the $1 billion in federal coronavirus money flowing into county coffers — and why some county commissioners are skittish about it.

Preckwinkle’s proposed legislation would give her budget director latitude to move any American Rescue Plan Act funds under $1 million; beyond that, the director would need approval from Preckwinkle’s chief financial officer.

At issue? Some of the language in the legislation: Democratic commissioners Larry Suffredin, of Evanston, and Bridget Degnen, of Chicago, “approached Preckwinkle’s staff earlier this week seeking to lower the $1 million ceiling and require county board approval for anything above that. Degnen said she is calling for a $500,000 threshold,” Yin writes.

Preckwinkle agreed to delay a vote on the legislation, which is headed to the Finance Committee, chaired by ally John Daley. But she told reporters she’s not sidestepping commissioner’s authority.

While Suffredin is optimistic the legislation will be tweaked, Yin writes that Republican Commissioner Sean Morrison, a Republican from Palos Park, is alarmed that Preckwinkle’s administration would ask commissioners to sign away their authority without concrete details on where the money is going.

For now, the legislation is headed to the Finance Committee, chaired by Preckwinkle ally John Daley.

Preckwinkle facing labor woes as about 2,000 Cook County employees take to the picket line a day after earlier strike by nurses. Alice Yin has the story here.

Teamsters latest to endorse Giannoulias for Illinois secretary of state as he continues to rack up support from labor unions

Former state Treasurer Alexi Giannoulias continues to rack up union endorsements in his bid for Illinois Secretary of State. The Teamsters Joint Council 25 announced today they’re backing the Chicago Democrat’s bid for the party’s nomination in next year’s primary.

Yesterday, he announced the Illinois Pipe Trades Association, whose 26,000-member workforce in Illinois includes pipe fitters, plumbers and sprinkler fitters. And in recent weeks, the politically influential Service Employees International Union State Council announced it was endorsing Giannoulias.

Other Democrats seeking the nomination include Chicago Alds. Pat Dowell, 3rd, and David Moore, 17th, as well as Chicago City Clerk Anna Valencia. Democrat Jesse White, 86 and the state’s longest serving secretary of state — having held the post since 1999 — is retiring.

Giannoulias previously received labor endorsements from two locals of the United Food and Commercial Workers union as well as 14 locals from the International Alliance of Theatrical Stage Employees.

Just how much these endorsements translate into votes remains to be seen, but deep pocketed unions can donate money that can help candidates blanket the airwaves to get their message out.

Thanks for reading The Spin, the Tribune’s politics newsletter. Sign up here to have it delivered to your inbox weekday afternoons. Have a tip? Email host Lisa Donovan at ldonovan@chicagotribune.com.

Twitter @byldonovan

©2021 Chicago Tribune. Visit chicagotribune.com. Distributed by Tribune Content Agency, LLC.

Older

Kantor & Kantor and Workwell Foundation to Jointly Offer a CLE Session on Disability Insurance for those with COVID-19 and ME/CFS

Newer

Earthquakes bumfuzzle officials

Advisor News

  • Gen X and millennials seek new retirement model
  • Are families ready for the costs of aging at home?
  • When a client moves, their insurance plan needs to move, too
  • A rising retirement challenge: The license to spend
  • Financial stress leaves less room for retirement saving
More Advisor News

Annuity News

  • Gen X and millennials seek new retirement model
  • Global Atlantic names Dan Farrelly head of IMO and IBD channels
  • A rising retirement challenge: The license to spend
  • What lower interest rates mean to annuity payouts
  • AM Best downgrades A-Cap insurers amid financial and regulatory troubles
More Annuity News

Health/Employee Benefits News

  • Researchers from Indiana University School of Medicine Provide Details of New Studies and Findings in the Area of Managed Care (Private Health Insurance and Preventive Care Utilisation In Australia: a Longitudinal Study): Managed Care
  • Sentara ends negotiations with Anthem on health plans
  • Researchers at National Health Insurance Service Ilsan Hospital Target Cerebral Palsy (Associations of Walk-and-Turn Spatiotemporal Gait Parameters With Functional Mobility in Children With Cerebral Palsy at GMFCS Levels I and II): Central Nervous System Diseases and Conditions – Cerebral Palsy
  • U.S. Rep. Janelle Bynum touts universal healthcare proposal as Oregon mulls its own
  • Cigna Healthcare introduces Health Sense
Sponsor
More Health/Employee Benefits News

Life Insurance News

  • Symetra Named a Fortune Best Workplace in Financial Services & Insurance™ for Fourth Consecutive Year
  • 1 in 3 U.S. workers do not have a legacy plan in place
  • MassMutual Enhances Permanent Life Insurance Portfolio With Launch of Whole Life Guard 10 Pay and Whole Life 95
  • Study Results from Cornell University in the Area of Insurance Reported (Regulatory Competition In the Us Life Insurance Industry): Insurance
  • AM Best Comments on Issuer Credit Ratings of Pacific Life Insurance Company’s Commercial Paper Following Amendment to Program
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
  • Classic Car Insurer OpenRoad Insurance Expands to 40 U.S. States in Two Years
  • How Aspire General Turned an Early Technology Bet Into Claims Automation at Scale with Kyber
  • Adjusto launches AI-Native contents claims services powered by its technology platform
  • URL Insurance Group Celebrates 40 Years of Service, Growth, and Industry Leadership
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.