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Chicago & Midwest  + Finance  | 

Lightfoot: Chicago Has “Hard Choices to Make”

In her first State of the City address, Mayor Lori Lightfoot didn’t delve into specifics on how her administration intends to address Chicago’s looming budget deficit—pared down though it was from $1 billion in fiscal 2020 to a still-sizable $838 million. Instead, she used Thursday’s televised address to review the actions taken in the first 100 days of her term, to set the stage for the challenges that lie ahead and to ask the city and state to pull together to surmount them.

“We have some hard choices to make,” Lightfoot said. “There’s no doubt about that, and I will not sugarcoat that reality.”

She noted that “Chicago is and must remain the growth engine of our state and the entire Midwest.” However, she added, “Our long-term solution out of this fiscal mess must be premised on a growth strategy that deals in all of our neighborhoods,” and not only the CBD.

The mayor reiterated her commitment to making a Chicago casino feasible, and expressed the hope that city and state legislative leaders can devise a more viable tax and fee structure that would enable the development of a gaming facility in the city.

If that agreement fails to materialize, though, “we will be forced to make painful choices,” Lightfoot warned. She regarded a property tax increase as a last resort, but said, “I cannot promise you that I will take any option off the table.”

Lightfoot plans to discuss the specifics of the city’s budget in October, in a speech that coincides with the release of the 2020 Budget Forecast. In the meantime, she has scheduled four “Budget Town Halls” throughout the month of September.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
  • ◦Financing
  • ◦Development
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