March 14, 2018-In July 2016 the City of Gary, Department of Redevelopment, entered into a long-term agreement making Richard Daley’s MAIACO, LLC a “partner” of the Redevelopment Department. Under the terms of the agreement, MAIACO will receive 65% of the proceeds of any property that is sold. Shortly after entering into the agreement, which both City officials and MAIACO representatives have called a “public-private partnership”, MAIACO moved into the 504 Broadway Centier Bank Building. The move was significant because the City paid $2.75M for the acquisition and rehabilitation of the building which is owned by a private corporation. In addition, the City demolished two nearby buildings and paved a parking lot at taxpayer expense. The City of Gary moved several offices into the building and pays a significant annual rent to the building owner, despite having paid for the purchase of the building. The offices of MAIACO, LLC were next door to the offices of the Gary Redevelopment Commission-their “partner.”
It is not known at this point in time where MAIACO moved, but one of the MAIACO employees, Taylr Davis, is now reportedly on the City payroll.Click here for reuse options!
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