2 local businesses bid farewell

July 12, 2007
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A couple of prominent local businesses have shut down in recent weeks.Closed for business Corner Gourmet at 1474 W. 86th St. apparently has closed. The phone numbers for both the shop and owner Scott Justvig are disconnected. Also, Steck Plumbing, a neighborhood institution for the near-north side, closed last month. The shop at 4923 N. College Ave. had been in business since 1912. Heard of any other departures?
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  • Any thoughts about what we could do with our $40 gift certificate for the Corner Gourmet?
  • I'm with you. I have 10 cooking classes and a 25 gift card I got this past Christmas that still need to be used. They better have a good way to get us back our money.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

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  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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