Illinois Public Media News
Illinois home foreclosure activity during the first quarter of 2010 fell 4.6 percent from the previous quarter, but was still higher than the first quarter of 2009.
A report released Thursday by Irvine, Calif.-based RealtyTrac shows Illinois with 45,780 foreclosure filings in the first quarter of 2010. Filings include default notices, auction-sale notices and bank repossessions.
The filings represent one in every 115 housing units in the state. That rate is nearly 17.5 percent higher than in the first quarter of last year and 9th-highest nationally.
Nevada again had the nation's highest foreclosure rate _ one in every 33 housing units.
Other states with foreclosure rates higher than Illinois were: Arizona, Florida, California, Utah, Michigan, Georgia, Idaho and Colorado.
The Urbana City Council gave its unanimous endorsement Monday night to intergovernmental agreements that would launch the design engineering phase of the Olympian Road extension. If finalized next week, Urbana would be one step closer to using 5 million dollars in state funds to pay for the design work.
The vote came after Urbana council members heard from dozens of local residents. Some, including business and government leaders, say the extension would help spur commercial development on Urbana's north side, providing tax revenue and jobs. But a majority of speakers said they feared the road would encourage urban sprawl at the expense of farmland. Mayor Laurel Prussing says the city will consider their concerns during a public engagement process that will accompany the design engineering process.
"We will listen to what everybody has to say and we will redesign the plan as necessary", says Prussing. "But we are concerned that in order to have parks, in order to have schools, in order to have a decent way of life, you do have to have a healthy tax base."
But William Cope, one of the organizers of Olympian Drive opponents says lack of support on the Champaign County Board could stop the project from getting beyond the planning phase.
"You know, the project won't happen, without the county board's involvement and support", says Cope. "And therefore, they're against it at the moment. It's unlikely it will happen, so it could well be $5 million just wasted."
The $ 5 million is state funding that's been guaranteed for this phase of work on Olympian Drive. Part of it would pay for acquisition of land for the road --- which would need Champaign County Board approval. But county board support for Olympian Drive has been so weak that a vote on the issue has been delayed until next year.
Urbana Council members amended their Olympian Drive resolution to add in design work on North Lincoln Avenue. Those improvements would allow truck traffic between Olympian Drive and I-74. While North Lincoln is considered crucial to Olympian Drive's success, it's not actually part of the 27 million dollar project.
The newly-combined Carle Foundation Hospital and former Carle Clinic may have a deal with local governments over property taxes.
Up to now, Carle Clinic Association had been an independent for-profit firm. But now that it's been bought out by the Carle Foundation, it's got not-for-profit status under the name Carle Physician Group. That means it's no longer liable for property taxes at its clinic buildings - and that could cost government entities in Champaign County at least $2.4 million a year.
When the merger was announced last November, Carle CEO Dr. James Leonard was quoted as saying Carle would make payments to those government in lieu of taxes. Thursday, he said they're getting close to an agreement.
"We're not done with the discussions yet," Leonard said. "In terms of of their needs, they're very concerned -- particularly with the recession we've been in -- about the resources going forward. It's been an active, positive discussion."
Leonard wouldn't say when a final agreement on tax payments would come out. Meanwhile, he says the Carle Foundation would continue to challenge the state's decision to strip it of its tax-exempt status for some hospital properties. The hospital has put money into an escrow account as the case is still being challenged in court.
The regulators have been satisfied, and today's the day that Carle Foundation Hospital and Carle Clinic Association become one entity.
The two firms had been related but not unified until now - but starting Thursday, the former Carle Clinic has turned from a for-profit company to a wing of the not-for-profit Carle Foundation. It'll now be known as Carle Physician Group.
Carle Foundation president Dr. James Leonard says the combination will make for more efficiency, streamlining a patient's care. "When a patient is moved from one venue to another, they're moving throughout a continuum of care that recognizes their needs, their care, their financing so that we're all thinking about this as a single episode," said Leonard.
Dr. Bruce Wellman headed Carle Clinic and is now the CEO of Carle Physician Group. He says some last-minute approvals meant that merging the two groups' paperwork was delayed until now. "Planning was okay (before the merger), (but) not doing any actual work in changing things, such as the computers, until we had all of the approvals because it would not be legal or appropriate to do that," Wellman said. "So we have timing issues of literally thousands and thousands of things that have to happen, and bills are an excellent example."
Carle says billing will be merged over the next few months. They're asking people who encounter any billing issues to be patient, and patients may be asked to verify their insurance.
Unemployment in Illinois rose slightly from January to February.
The seasonally adjusted jobless rate for February was 11.4 percent. That compares to 11.3 percent in January. There were 900 fewer jobs in Illinois in February.
Illinois Department of Employment Security Director Maureen O'Donnell says she's encouraged that the job loss pace is slowing in the state. She says a few more months of data are needed before it's possible to assess the path of recovery.
Illinois' jobless rate is at its highest level since July 1983. Since the recession began in December 2007, the nation has lost 8.4 million jobs and Illinois has lost 403,600 jobs.
The national unemployment rate in February was 9.7 percent.
The debate over the Olympian Drive extension will continue at an Urbana City Council committee-of-the-whole meeting in three weeks. Council members have put off a decision on a state-funded design engineering study for the road. It would be just the latest phase in a long-standing project that Mayor Laurel Prussing says would bring economic development --- and jobs --- to the north edge of the city. But opponents like Bill and Virginia Ziegler (left) and Leslie Cooperbrand (right) argue it would do more harm than good. AM 580's Jim Meadows reports on the Olympian Drive debate.
Champaign-Urbana's Big Broadband proposal cleared a major hurdle last Tuesday night. The Champaign City Council voted 7-1 to accept a federal grant to help create a new high-speed fiber broadband system --- despite worries about possible future costs.
Champaign is saying yes to a $22 million federal grant plus $3.5 million in state funding to pay for the core infrastructure of the broadband system, plus fiber-to-the-home broadband installations in underserved neighborhoods. Councilman Tom Bruno says the system will give Champaign-Urbana a competitive edge with businesses for the next few years.
"We will have better connectivity than other similar communities," Bruno said. "When somebody trying to decide where to invest, or where to bring the jobs, will like Champaign-Urbana a little bit more than some other city, we will be a little bit ahead of the curve."
But accepting the broadband grant also commits Champaign to spending $688,000 of its own money. Along with Urbana and the U of I, Champaign will become a retail broadband provider, a risk that worries Mayor Jerry Schweighart, who cast the only vote against the project.
"I see a lot of pitfalls on this, and it's going to cost the cities a lot of money at a time when we don't have a lot of money," Schweighatr told council members. "I hope I'm wrong, hope it's highly successful. But I cannot, after reading everything, convince myself to support it."
The Urbana City Council takes its own vote on the Big Broadband project next week.
The Illinois Supreme Court is expected to issue its ruling Thursday in a taxation case that could affect dozens of not-for-profit hospitals in Illinois.
The case involves Provena Covenant Medical Center in Urbana. In 2004 it lost its property tax exempt status because county officials determined the hospital did not provide enough charitable care. State revenue officials agreed, but an appeals court reversed the lower court's decision against Provena. At issue is whether Provena still owes local governments more than a million dollars in property taxes a year since the initial decision. The case is on the high court's list of decisions to be released Thursday - both sides argued before the justices last September.
The group that represents Illinois consumers in utility rate cases says Ameren's proposed rate hike shouldn't go forth - in fact, it claims the utility should be cutting its customers' rates.
The Citizens Utility Board has been collecting petition signatures against a proposed $130 million rate hike - it would affect what Ameren charges to deliver power and natural gas, which makes up about a third of the typical homeowner's utility bill.
CUB director David Kolata contends that Ameren's request is way too high considering the utility's healthy profits and the sluggish economy. He also takes issue with Ameren's plans to ask for yearly increases.
"We would expect them to file right after this case," Kolata said. "That's why we think it's so important for the ICC to put its foot down here. If there's ever been a time to eliminate one (rate hike), now is the time, and hopefully if it occurs, Ameren will learn its lesson that they can't just keep going to the ICC and raising profits at consumers' expense."
Last month a judge recommended that the state lower the rate hike that Ameren proposed to $56 million. The Illinois Commerce Commission will consider that and CUB's opposition when it votes on the rate hike request - that vote is expected next month.
Ameren spokesman Leigh Morris says even the lowered rate increase wouldn't be enough for the utility to operate. He says Ameren has already lowered its proposal by cutting jobs and delaying construction, and the profitability of the overall Ameren holding company does not accurately reflect the performance of its Illinois utilities.
Regulators have taken over the Bank of Illinois in Normal. The Federal Deposit Insurance Corporation is the appointed receiver.
Heartland Bank and Trust Company of Bloomington will assume all the deposits of Bank of Illinois for a premium of 3.61 percent and has agreed to purchase all the assets.
The FDIC says it expects the cost to the FDIC Insurance Fund will be $53.7 million.
As of December 31, 2009 Bank of Illinois had $211 million in assets. The FDIC and Heartland Bank have entered into a loss sharing program on $166.6 million in remaining assets.
Bank of Illinois is the 24th FDIC Insured institution to fail in the nation this year and the third in Illinois. It was founded in 1914.
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