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Sweet Home Chicago
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Here’s a sign of the wide ripples of the crisis at Anglo Irish Bank — it apparently has pulled the plug on the financing of the 150 story Chicago Spire, which had Garrett Kelleher (owner of St Patrick’s Athletic, inter alia, an institution with its own problems) as the developer. Although cost estimates for this building had run into $2.5 billion, Anglo Irish is apparently only the hook for about $70 million. But as the newspaper report notes, the building apparently got planning permission on the understanding of open-ended financing from Anglo Irish, so it will be interesting to see what Kelleher has in writing if things get to that point in a row. It does raise a question: what is the interest of the Irish taxpayer in seeing a Chicago skyscraper get finished?
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