IL Legislature Considers New Mass Transit Funding Plan Wednesday!

By
Real Estate Agent with Dean's Team - Keller Williams Realty Partners Chicago IL

As Alfred Hitchcock used to say . . .

Goood Eeevning!

Down in IL Capitol Springfield tomorrow, the IL House of Representatives debates diversion of the IL Gasoline Tax in the six-county Chicago Metro Area to provide a long-term solution for Transit Funding in and around Chicago and the suburbs - IL Counties of Cook, Lake, DuPage, Will, McHenry, and Kane.  All area transit agencies - the CTA Bus and el, METRA Rail, and PACE Suburban Bus - would be impacted by the funding program.

This is relevant to not only Downtown Chicago Real Estate, but also Chicago Suburban residents as well - whether or not appropriate legislation is passed has a direct impact on train, bus, and el fares throughout the area.  If fares are raised, and service cut back, more daily commuters will hit the roads each morning - and traffic is already way too busy around here.  In fact, Chicago IL is second only to Los Angeles in average travel times - currently!

Chicago Mayor Richard M. Daley, and IL Governor Rod Blagojavech support the proposed measure, which is first being introduce in the House by Speaker Michael Madigan.  However, the diversion of gas tax money would leave a budget shortfall for other state-funded programs, including Downstate IL road repair and construction projects.

Ideas for solving the shortfall have ranged from giving the OK to a Chicago Gambling Casino, to raising Cook County Sales Tax rates, to increasing the already-high Real Estate Transfer Tax in the City of Chicago.  As you can imagine, these proposals have met fierce opposition, by Real Estate Professionals and Taxpayers alike.

Check our summary article on BlogChicagoHomes.com.  The Illinois Association of Realtors, and their lobbying arm, discusses the legislation in their Quorum Call Online Newletter.  Also view the story and a video clip with Mayor Daley's comments on the Chicago Tribune Website, in an article written today by Reporter Gary Washburn.

Watch for further developments!

Dean & Dean's Team Chicago

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Rainmaker
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Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Hi Dean:  I liked your Alfred Hitchcock greeting you began your post with.  I remember like it was yesterday that he began each show with his memorable "Gooood Eeevning" greeting.  I miss good ol' Alfred.  His shows were always very well done, sometimes exciting, sometimes scary, but they always had great endings.

Here's hoping your state legislature does their best job for the great state of Illinois.  Thanks for sharing...

Dec 02, 2007 04:47 PM #1
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Dean Moss

Dean's Team Chicago IL Real Estate Team
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