Chicago's South Side to soak up solar power
#1 Jul 30, 2009
This is a joke for the city, right?
The lease generates $2.75 million over 25 years. Assuming a 6% discount rate, that's only $640,000 today. Plus, we have to pay the first $1.3 million of clean up costs and 50% of anything over that amount.
And the 200 construction jobs? How many of those will be real and how many will actually pay any city taxes.
This deal stinks to high heaven and now we've locked up 40 acres of space that could be better developed.
Exelon could have put solar panels on nearby buildings and downtown to better achieve the carbon offsets.
Good ol' corrupt Chicago!
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