The state is the legal guarantor of up to $275 million in McPier debt. In the event of a shortfall in McPier’s accounts, the agency can go directly to the state comptroller to get the funds it needs up to the $275-million limit, without having to go back to the General Assembly for a separate appropriation.

The $18.8 million technically is a loan, but Mr. Ochoa noted that his agency has been asking lawmakers for two years to allow it to restructure its debt, lowering annual payments by lengthening the amortization period. Lawmakers have not approved the request for a separate appeal to allow McPier to expand its hotel adjacent to the McCormick Place complex.

via Greg Hinz Blog | Crain’s Chicago Business.

From the City that brought us McCormick place. Twice…. Just say “no” to the 2016 Olympics, before we have to pay for that, too.

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