The agency that runs McCormick Place expects to owe the state of Illinois about $15 million that taxpayers will need to chip in to help the convention center owner meet its current debt service obligation as it continues to reel from the COVID-19 pandemic, Crain’s Chicago Business reported.
The Metropolitan Pier & Exposition Authority disclosed the figure during a board meeting Tuesday, forecasting that the agency will need to lean on the state for the first time since the Great Recession.
MPEA collects taxes on hotels, auto rentals, food and beverage sales and airport taxi pickups to pay its annual debt service, which totals nearly $63.4 million for its fiscal year that ends June 30. When tax revenues fall short, the agency uses state sales tax proceeds to close the gap, committing to pay back the state later with any future tax surplus, Crain’s reported.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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