Illinois Public Media News

AP - Illinois Public Media News - April 30, 2010

Coles Co. Leaders Still Awaiting Word on FutureGen Approval

Optimism remains that construction on the long-delayed FutureGen power plant will get the federal government's okay soon.

In the meantime, local officials can do little more than watch and wait for a decision from the Energy Department. It's in talks with corporate members of the FutureGen Alliance who want to get the $1.8 billion dollar coal-to-energy plant built and operating near Mattoon.

Angela Griffin heads the economic development group Coles Together. "As far as we know they're still in negotiations," Griffin said. "There's still a lot of details to be worked out with the agreement going forward, and they're not at liberty at this point to talk about those."

But Griffin says she and others in the Mattoon area are being kept up to date on the talks, even if she doesn't know the details. Griffin wouldn't estimate when the government and the Alliance can reach a conclusion.

She does say that once that agreement takes place, the construction phase will have a big impact on Mattoon. She says plant developers expect to keep cement plants within a 100-mile radius of FutureGen busy as they drill the initial wells for the plant's carbon-sequestration unit.


AP - Illinois Public Media News - April 26, 2010

Giannoulias Says No One Has Asked Him to Step Down

Democratic Senate candidate Alexi Giannoulias says no one from the Democratic Party has suggested he step aside following the failure last week of his family's bank.

Giannoulias said Monday at the Courier Cafe in Urbana the failure of Broadway Bank on Friday gives him a better understanding of the economic struggles of many Americans. Giannoulias says a lack of regulation in the commercial real estate market can partially be blamed on the poor economic policies of his opponent, Republican Congressman Mark Kirk. "I'm not saying that mistakes weren't made in the private sector, of course there were." said Giannoulias. "That being said, what's taken place with community banks, with the seven community banks that failed on Friday, the four more that got consent agreements with FDIC, when you have a real estate market that just plummets the way it did over the last two years, you're going to be dealing with huge challenges."

Giannoulias was in Urbana Monday. Giannoulias says he looks forward to debating his opponent, and offering voters a departure from policies that allowed the national debt to double in the last decade under President George W. Bush. The Treasurer also says he plans on being in Quincy on Wednesday, when President Obama gives a speech on Wall Street reform. And The White House on Friday ended speculation about whether Obama would campaign for Giannoulias, saying the president would help all Illinois Democrats. At the Urbana cafe, Giannoulias listened to University of Illinois students talk about their doubts they'll be able to find jobs when they graduate.

Categories: Business, Government, Politics

AP - Illinois Public Media News - April 23, 2010

Regulators Close Broadway Bank, 3 Other IL Banks

Democratic Senate candidate Alexi Giannoulias is mourning the collapse of his father's bank while trying not to let it hobble his campaign.

It's a familiar Friday afternoon ritual - federal regulators closing community banks. This week, seven more were taken over. One of them was a bit out of the ordinary. The unraveling of Broadway Bank has become one of the central issues in the fight for President Barack Obama's former Senate seat. Republican Mark Kirk has hammered Giannoulias over his role at the bank when bad loans were made. Giannoulias places most of the blame elsewhere.

"Wall Street greed coupled with lax oversight by Washington politicians led to a deep recession that leveled a crippling blow to the real estate market," said Giannoulias

Giannoulias says he does accept responsibility for the delinquent loans booked while he was a senior loan officer at the bank. He says they number less than 9% of the bank's bad loans overall. Chicago-based MB Financial Bank is taking over Broadway Bank.

Besides Broadway Bank, the Federal Deposit Insurance Corp. also took control of New Century Bank of Chicago, Citizens Bank & Trust Co. of Chicago and Amcore Bank of Rockford. The agency found institutions to assume the assets of all four banks, which will reopen Saturday. Deposits at all four banks will continue to be insured by the FDIC.

Categories: Business
Tags: business

AP - Illinois Public Media News - April 15, 2010

Home Foreclosure Figures Bring Mixed News for Illinois’ Economy

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.


AP - Illinois Public Media News - April 13, 2010

Urbana City Council Gives Initial OK to Olympian Drive Design Engineering

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.


AP - Illinois Public Media News - April 02, 2010

Carle Merger May Yield Agreements on Property Taxes for Local Governments

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.


AP - Illinois Public Media News - April 01, 2010

Carle Hospital, Carle Clinic Now One Organization

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.

Categories: Business, Health

AP - Illinois Public Media News - March 25, 2010

Another Slight Increase for IL Unemployment

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.


WILL - Illinois Public Media News - March 23, 2010

The Arguments For—and Against—Olympian Drive

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.

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AP - Illinois Public Media News - March 17, 2010

Big Broadband” Passes Champaign Council

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.


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