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August 24, 2023

Illinois Nears Juicy Deal On $2B EV Battery Plant
Hear From Chicago Sports Leaders Representing The White Sox, Blackhawks And NASCAR's Chicago Street Course

Illinois is closing in on a deal to bring a major electric vehicle battery manufacturer to a village 50 miles southwest of the Loop, a move that would supercharge the state’s economic prospects.

The Kankakee County Board on Tuesday approved a property tax abatement for a 160-acre site in Manteno, a critical move in enticing a sizable battery-maker to choose the spot, Crain’s Chicago Business reports. Officials didn’t name the company, but sources told Crain’s it is likely the Chinese battery-maker Gotion, which announced plans last year for a factory in Michigan.

Illinois Nears Juicy Deal On $2B EV Battery Plant

The project will create 2,600 jobs and involve over $2B in investment, Crain’s reported. While the company hasn’t made a final decision, Manteno Mayor Tim Nugent told Crain’s the city’s site is on the shortlist and that he is hopeful. Other places on the shortlist include

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The 2023 Capital Markets Slowdown Has Hit Biggest Buildings The Hardest

The 2023 Capital Markets Slowdown Has Hit Biggest Buildings The Hardest

Commercial property sales have tailed off dramatically this year, but the decline hasn't affected all of commercial real estate the same way.Property sales worth between $5M and $25M dropped 29% from the first half of 2022 to the same period this year, Green Street's Real Estate Alert reports. For…

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South Florida Cities Search For Solutions To Prevent ‘Senior Exodus’ Caused By New Law
South Florida Cities Search For Solutions To Prevent ‘Senior Exodus’ Caused By New Law  

Changes to Florida state law requiring condo inspections and repairs are bearing down on unit owners, hitting them with unexpected bills that some can’t afford and raising fears that they will be forced to sell their homes. 

Local officials across South Florida are sounding the alarm about the potential for an exodus of seniors unless states and municipalities create programs to provide financial aid to condo owners on fixed incomes or modest salaries.

“What you're going to see happen — and it's already begun to happen in the tri-county area — is that folks are selling out, and they have no choice,” Fort Lauderdale City Commissioner John Herbst said in an interview this week. “Our senior citizens are essentially being pushed out of their homes because of decades of deferred maintenance and failure to adequately fund the reserves.”

The changes to the laws passed last May are meant to ensure properties are safe to occupy, but many owners are now grappling with steep bills and no way to pay. Local governments have responded by searching for ways to help owners, in one case by offering zero-interest loans and…

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Foreclosure Sale For Unfinished $1B Oceanwide Plaza On Hold
Foreclosure Sale For Unfinished $1B Oceanwide Plaza On Hold  

A California Court of Appeal decision Friday put a temporary hold on the expected foreclosure sale of the  Oceanwide Plaza project in Los Angeles. Earlier this summer, news on the unfinished Oceanwide Plaza seemed to be in favor of the project's  EB-5 investors, who would have been able to…

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