Union Funds Bail on Spire Bailout
Will the Spire be retired?
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Things aren't looking good for the Spire.
A group of union funds that were rumored to be close to floating a loan to the developer of the troubled Chicago Spire say they aren’t going to help after all, Crain's reports.
The groups were said to be interested in resurrecting the project, which has been stalled for more than a year, in order to supply work to their constituents.
But the AFL-CIO Building Investment Trust and the union-backed life insurer ULLICO Inc., will not pour their millions into the project.
"It's not something we're able to do," says Edward Smith, president of ULLICO. "Unfortunately, these are just very difficult markets."
The project needs an infusion of about $170 million in short term financing to pay off debt, but no one is helping developer Garrett Kehller try to complete what would be the tallest building in North America.
Posted Monday, Dec 21, 2009 - 10:30 AM CST
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