Willis seeking TIF subsidy for move to Sears Tower
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(Crain’s) — Willis Group Holdings Ltd. is seeking a $3.8-million city subsidy to pay for build-out of its new headquarters at Sears Tower, which will soon be renamed Willis Tower after the London-based insurance brokerage.
A tax-increment financing (TIF) redevelopment agreement for the project is on the agenda Tuesday for the city’s Community Development Commission meeting.
A New York-based Willis spokesman said he knew the company had requested a subsidy, but didn’t have details.
Willis and the owners of Sears Tower, 233 S. Wacker Drive, announced in March that the 110-story skyscraper would be renamed Willis Tower after the insurance broker, which is consolidating its local offices there and leasing about 140,000 square feet starting this summer.
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3.8 million in taxes would pay for a lot in this city. TIF should not be used for foreign companies.
Oh James - Sears holding left downtown a long time ago for the western suburbs. The building stands as an architectural achievement and not for the Sears company anymore - or the people who worked/work there. It is now part of public domain.
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First they disrespect our history and the thousands of Sears employees for whom the Tower stands as a monument. Then after they proverbially spit in our face, they want us to subsidize them. Would Willis even have the wherewithal to build the Sears?
Call your alderman and tell them to vote against this or you will vote against them in election year.
And yes, I know Sears is pretty much defunct for all practical purposes but then consider that it has been over half a century since Empire State and Chrysler Corporations resided in their namesake NYC buildings.
(And yes, I know