Culture of Corruption Update: Luis Gutierrez

Luis, Luis, Luis, loo ah, Luis, Luis, the F-B-I, Luis, Luis, Luis, you're gonna cry. U.S. Rep. Luis Gutierrez is a man of mystery, and federal investigators want to unravel the mystery of his fantastically profitable business dealings. Rezko, of course, is part of the mystery. The FBI has obtained the letter Gutierrez wrote in July 2004 to Daley. Gutierrez, a former alderman and 1st Ward Democratic committeeman, wrote the letter on behalf of developer Calvin Boender. Months earlier, Boender had lent the congressman $200,000 in a land deal.Gutierrez has bought and sold properties with five campaign donors, including convicted political fundraiser Antoin "Tony" Rezko. More at the Chicago Tribune... RELATED: Congressman Gutierrez's Real Estate Loan Under Federal Scrutiny Gutierrez cashes in with donors Gutierrez Takes Himself Out Of Running For Senate Seat Pardoning Terror

WILSON YARD SURPRISE

"Fix" it, hell. Stop the whole damn thing, turn it into a simple sodded-over park and wait out the real estate slump. That's a valuable piece of land, those six acres, and Ald. Helen Shiller (Democrat) and her co-conspirators in the City Clowncil (Democrats) are playing power games with our tax dollars. NOW THIS NEWS from Uptown Update, breaking late this afternoon: Surprise! Another Change To Wilson Yard Financing Agreement, Holsten Gets Less Accountability

The Fat Keep Getting Fatter in Rogers Park

Fat cat David Gassman, the landlord who allowed a "stealth rehab" program into his apartment building at N. Sheridan and W. Lunt, recently agreed to pay nearly $7 million for another apartment building nearby. Times are tough for many of us, but not for those tied into the local Democrat Machine. From ChicagoRealEstateDaily.com: Rogers Park apartment sells for nearly $7 million Nightclub owner and North Side real estate investor David Gassman paid $6.85 million for a 90-unit apartment building at 6954 N. Sheridan Road in Rogers Park. Despite the credit crunch, sales of North Side apartments priced between $1 million and $10 million remain strong, says Gregory LaBerge, a sales manager in the Chicago office of Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the deal. Mr. Gassman, who owns Spin Nightclub, 800 W. Belmont Ave. in Lakeview, financed the deal with a $5.2-million loan from Wyomissing, Pa.-based Sovereign Bank, according to property records. The seller was real estate investor Steven Pekic of Chicago. Messrs. Gassman and Pekic could not be reached for comment. RELATED: Search for "David Gassman" on The Bench Search for "David Gassman" on Broken Heart

Message from Fix Wilson Yard

Last night's meeting (Oct. 9, 2008) of Fix Wilson Yard featured Molly Phelan as she gave a presentation to a group of about 30 people. Seems Alderman Helen Shiller is playing games, thinking she was clever by trying to hide yesterday's City Council action. As Molly explains below, Shiller's cheap tactic didn't work. ALSO SEE: First Responders Endorse Michael Carroll for 46th Ward Alderman (CNB, January 26, 2011) Hello All, There have been some questions regarding the latest amendment to the funding for the Wilson Yard Redevelopment Plan. This issue was improperly added to the City’s Finance Committee’s agenda and Fix Wilson Yard will take the proper actions to resolve the situation pursuant to the Open Meetings Act. Fix Wilson Yard asked both Ald. Helen Shiller and Ald. Edward Burke for a copy of the ordinance and amendment. Ald. Burke’s office advised us that their copy was filed with the City Clerk’s Office today during the City Council Meeting and should be available next week through the City Clerk’s Office. No response has come from Ald. Shiller’s office. No information was provided in regards to the issues addressed in the amendment other than there were some “problems with financing issues” for the development. Until we are able to review the ordinance and amendment, Fix Wilson Yard is not initiating contacts with the media regarding this issue. Still, we are appalled by the belligerent abuse of the government process and lack of transparency available in regards to the project. Funny how this amendment was not mentioned in the Crain’s article. Fix Wilson Yard is fighting to stop this abuse. If you have not done so already, please 1) register at www.fixwilsonyard.org, 2) DONATE and 3) Pass this information along to everyone! This is an Uptown issue as well as a Chicago issue! You think Phelan will run for alderman? Stay tuned....

McCain Son Worked for Failed Nevada Bank

Yipes! Andrew McCain is involved in a bank failure. He is the adopted son of presidential candidate Senator John McCain (R-AZ), and he resigned from the board of directors of Henderson, Nevada-based Silver State Bank, which has just gone belly up. (Will this bring back memories of the Keating Five?) So far, I've seen no reports linking Andrew McCain to any wrongdoing. That remains an open question, just as it's still to early to determine the guilt of "a son and a brother of Sen. Joseph R. Biden Jr. (D-Del.) [who] are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour, court records show." (More on Huner Biden below.) Andrew McCain....joined Silver State's board in February but resigned for unspecified personal reasons in late July.... State and federal bank regulators late Friday announced the seizure and sale of Henderson-based Silver State Bank, which bet its future on Las Vegas real estate values and lost. The bank had $1.7 billion in deposits. Nevada State Bank is taking over the deposits insured by the Federal Deposit Insurance Corp., leaving only $20 million in uninsured deposits, which may not be wholly recovered. FULL STORY... RELATED: Joe Biden's Son, Brother Involved In Hedge-Fund Scandal Biden’s son consulted for credit company Biden defended in Senate Business dealings of Biden family could be problematic for him Obama Aides Defend Bank’s Pay to Biden Son Obama, Biden's Son Linked by Earmarks Hunter Biden's Baby?

Sturm und Drang in Rogers Park

I missed last night's community meeting, held for the purpose of making it look like Alderman Moore was seeking the people's input into a foregone zoning change at 7313-15 N. Sheridan Road. Let me offer this from friend Kheris, and then The Bench's own poop. Kheris was at the meeting last night and she hurried home to write this [emphasis added]:

"Rich Aronson presented his proposal for the Sheridan parcel to a very large (70-100?) crowd in a meeting that ran from 7:20 - 10:35 PM. Consensus: parking is a huge issue and so is the possible precedent that could be set by upzoning the parcel. Chase on the Lake was represented and made it clear they will oppose any approvals. Per Joe the ZALUAC will be meeting June 11, 2008. Expect a decision around then.I just got home but there is more to tell and I will do so in a post tomorrow. I took copious notes." [Source]

Watch Kheris's Living Room in Rogers Park blog for updates. Bill Morton has video here. Craig attended the meeting and has comments and info.

Back on March 9, The Bench offered this nugget: "Is there any connection to the planned demolition of the North Shore School on Chase, or is this just a coincidence?" The parking lot where the North Shore School once stood is very, very convenient to the lot at 7313-15 N. Sheridan Road. "Walk to the rear of the lot and you have a very clear view of Lake Michigan. The lot is not very large. Hypothesis: A residential building here would have little or no room for parking. But the alley behind it connects it to Chase. Hmmm. A parking lot on Chase would certainly be mighty convenient to this address." Some folks guffawed at this, but The Bench maintains more than ever that there is likely a connection.

A well-informed source tell The Bench that developer Aronson has been talking to the owners of Shambhala Meditation Center at 7331 N. Sheridan Road, immediately north of the lot at 7313-15 N. Sheridan Road. If Rich Aronson were to obtain the lots at 7331 and 7313-15, and also the Chase Apartments property at 7301 N. Sheridan Road, he would have the entire N. Sheridan Road "face" of that block between W. Chase Avenue on the south and W. Sherwin Avenue on the north.

Rich Aronson, a principal of Stage Development Company, LLC, Camelot Development LLC, and Camelot Realty of America, Inc. located in Chicago’s Loop, is a life-long Chicago resident and currently lives in the East Rogers Park neighborhood. [Source]

Another Chicago Tax Increase?

With all the fuss about the SuperBowl, today's big elections, and the usual array of Britney Spears coverage, the fact that your alderman may be about to vote in a big fat tax increase has gone largely unnoticed. So, notice it already. Aldermen mull CTA tax package Chi-Town Daily News, IL - Chicago real estate agents today railed against a proposed tax increase on home transfers to pay for a transit bailout. Committee wants strings attached before agreeing on real estate ... Chicago Sun-Times - The transfer tax increase is the Council’s end of a political deal that raised the regional sales tax to stave off massive CTA fare hikes and service cuts.

60626 Foreclosure Mania

"Estes Watcher," a reader of the Broken Heart blog, wrote to blogger Craig that "The new 5-unit townhouse/penthouse development at Estes and the Metra viaduct is now in foreclosure." Interesting. Well-informed sources tell The Bench that there are over 500 foreclosures in progress right now just in the 60626 zip code alone. Maybe all those people who bought into the DevCorp propaganda are finding out now that their "investment" was not all it was - pardon the expression - cracked up to be. See * Aronson Project in Foreclosure

Educating Condo Owners

Rogers Park resident Brian White wrote an interesting article a few weeks back. It is still timely. It's an informative read, whether you are an owner or a prospective owner. The article is part of a series of articles about housing issues in Rogers Park by Brian White of Lakeside CDC. For many new buyers, owning a condo and being part of an association is an entirely foreign concept. Lacking the experience, new condominium owners may not understand how to deal with common issues that affect associations, such as how to manage effective meetings, the responsibilities of the board, and how to generate interest in collective decision-making among people who see themselves as individual and distinct owners. Other issues that may arise have to do with preparing an association budget, collecting assessments and dealing with investors who rent units in a building that is primarily owner-occupied. FULL ARTICLE...

Rogers Park Condo Market: Cooling Off?

Interesting posting in YoChicago on Friday, 3/2/07. Is this an indication of the local market in general, or just the Inland Real Estate properties? "Inland Real Estate Auctions announced that it will be auctioning at least six of 21 available units in East Rogers Park "without reserve, regardless of price," according to a news release from Business Wire. The building at 1415 W Lunt Ave features 52 units that were originally priced from $99,000 to $249,000. No word on where the bidding will start, but we're definitely interested in seeing where it finishes."