Friday, September 9, 2011
Breaking News: Trustee O'Halloran on Ninety7Fifty: "Mr. Mayor, I respectfully Disagree"
Letter from Trustee Brad O'Halloran
Mr. Mayor, I respectfully
must disagree.
I have been a
Trustee in the Village of Orland Park for the past 18 years. While there have
been many challenging issues during this time, none has had the potential
economic impact on the Village’s finances to the degree the proposed “9750 On
The Park” project will have. As such, it is the single biggest financial vote
in 20 years. When I first became a trustee the Village’s overall debt was
around $18 million, today it is $79
million. The proposed 9750 project would almost double that debt to $144 million. To put things in perspective, the 9750
project’s debt of $65 million is greater than the debt of the new police
station, the Sportsplex, the new library, the new train station, the public
works facility and the old police station renovation----COMBINED. Now that’s a
big deal.
I received the final
details of this deal in my weekly Village package on August 13th in the form of
a 5 inch ring binder stuffed full of details. I’ve been trying to absorb them
ever since. While it’s certainly true that I knew this project was in the works
for quite some time, this was the first time I saw the final business terms and
was given the third party report that analyzed the risk factors involved. In
addition I always assumed there would be plenty of time for debate with public
hearings and the traditional Village Committee process, prior to any final
vote. Well, as we all now know the final vote is to occur at our next meeting
on September 19th, after the public hearing this past Tuesday. So in addition to
the statements I listened to on Monday, I’ve been soliciting my own input from
the same neighbors, friends, former coaches and local business folk I’ve relied
on for years and whose opinions I respect. And we’ve hit on some common themes.
1.) This
is no time for anyone to be doubling their amount of debt. If I wouldn’t do it
as an individual or business, why would the Village ever consider it? If there
is one common thread to the current problems in our state and country it is one
thing, too much debt.
2.) A
partnership is just that. 50/50 or 60/40 or even 70/30, but 96/4, I don’t think
so.
3.) The
Village has no business being in the Apartment business. If this is such a good
idea then let the private sector have at it, but don’t risk my money by using
public funds.
Of course there was a lot more banter, but those three were
common to any discussion.
So how did we get
here today? Well, this project is perceived to be the linchpin of the Village’s
downtown redevelopment. A vision the Mayor and this board have worked on for many
years. A vision I must say I share and have supported to date. A vision that
has been many, many years in the making. Unfortunately, I think with respect to the 9750 project maybe there’s been a little too
much tunnel vision. Too much focus on the end result and the beautiful
renderings and rosy projections and not enough focus on the economic
uncertainty in both our state and country and the fact that these funds are the
funds of our citizens. The same citizens that I have been so proud to represent
for so many years. The same citizens that have entrusted me to represent them
to the best of my ability.
The one thing I’ve
always admired about the Village board and the Mayor is that we can disagree
without being disagreeable. So in the end I guess I must concur with the folks
I spoke with and the common sense input they offered and respectfully disagree
with you Mr. Mayor and say no to the proposed financing of “9750 0n The Park
“.
Sincerely,
Brad S. O’Halloran
Village Trustee
Finance Chairman
Village of
Orland Park
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Trustee O'Hallaran..Thank you for listening and coming forward with your concerns that mirror those you represent. A project that so many professionals in the LOCAL real estate feared was doomed at the start in this economy. I and no doubt many others applaud your courage, perspective and your wise business sense stated in your letter to Mayor McLaughliin.
ReplyDeleteTrustee O'Hallaran..Thank you for listening and coming forward with your concerns that mirror those you represent. A project that so many professionals in the LOCAL real estate feared was doomed at the start in this economy. I and many others applaud your courage, perspective and your wise business sense stated in your letter to Mayor McLaughliin.
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