I guess I shouldn’t be surprised, but it turns out that Republic Windows and Doors–the north-side company whose abrupt shut-down has spurred a labor takeover–received about $9.6 million in public funds from our always-generous mayor and City Council.
The money came in the form of–what else?–a tax increment financing subsidy approved back in 1996. It was intended to help the company develop its Goose Island facility. That would be the same facility where dozens of Republic’s employees have gathered for the last several days to protest being laid off with only a three-day notice–and without the vacation or severance pay required by law.
The company said it had to suddenly halt operations because the Bank of American had cut off its line of credit. Bank of America received some $15 billion in federal assistance–with $10 billion more on the way–as part of the federal government’s Troubled Asset Relief Program, aka the banking bailout bill.
So the company gets a TIF handout from the city. And the bank gets a handout from the feds. And the workers get kicked in the teeth.
Merry Christmas, everybody.