Wednesday, April 23, 2008

Spire misses tax deadline -- but they aren't the first to do so, either

Tom Corfman has a story at Crain's this morning stating:

Garrett Kelleher failed to pay nearly $430,000 in property taxes due nearly two months ago on the proposed site of the Spire, even as the Irish developer was launching a lavish, five-city Asian tour to trumpet the massive skyscraper.
Corfman goes on:

The 2,000-foot-tall Spire project would challenge even the most seasoned developers. And the failure to manage a routine task like property taxes raises questions about Mr. Kelleher’s ability to complete a multi-billion dollar project that demands the highest level of concentration.

The reason? According to a spokesperson, an error in the address for the bills.

I personally think Corfman is the best real estate writer in Chicago out there, but, putting my lawyer cap on, I can tell you this happens to the best of developers. It often occurs in the early phases of a development because a tax bill does not get to the right person or the right address because records have not been updated or whatever.

But that also does not mean I think this should be a free pass for the Spire, especially these days when you can get and check these records online. The fact of the matter is, when you have a project that is this high profile, you'd better dot the i's and cross the t's because if you don't, people will be watching. And we are watching.

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