Good Deal, Bad Deal, Crooked Deal?

My Flag Flies Everyday

My Flag Flies Everyday

A few weeks ago I watched someone explain the land deal that BO made when he purchased a house in Hyde Park. At the same time, Tony Rezko bought the empty lot next door. It appeared to be a straight deal. BO then negotiated a deal to buy a piece of Rezko’s adjoining land. Still not a bad deal. BO increased the size of his property to give himself space around the castle.  The commentator then quietly announced that the Rezko lot was now unbuildable.

It took my old brain a few days to think about the “unbuildable,” comment. Why would Rezko spend such a huge amount of money on an empty lot in the highly desirable neighborhood adjacent to the University of Chicago, and then sell a small piece of it to make it unbuildable? I have a bunch of questions about this deal. Who is paying the real estate taxes on the unbuildable lot? Does BO now use the property next door as his own? There is nothing on it, and it is continuous to BO’s lot. It is on a corner, and improves BO’s view. Who maintains Rezko’s unbuildable piece of property?

At least two possibilities come to mind. First, Rezko might have intended to ask for a political favor to re-zone the lot to make it buildable. In Chicago, that is not unthinkable. Second, Rezko intended to give BO the property as a payment for some favor still unknown, by making the deal appear “legitimate.”

All I know right now is that Barack bought a big house on a small lot, then made a deal to double the property size by buying a small piece of the lot next door. We know that Rezko owns an empty lot next to BO. He paid market price for a buildable lot, and then reconfigured it so no one will want to buy it. What kind of business deal is that?  Where is the profit?

Its my guess that BO will take the lot off Rezko’s hands, at a bargain price, sometime in the future, when the public forgets about the details. Perhaps Michelle will plant vegetables on the unbuildable portion to sell to the neighbors Ayres, and Farakhan. Another possibility; Rezko will keep the property forever, pay the taxes, and maintain it while the Obamas enjoy it, because Rezko likes Barack Obama. Wouldn’t you do that for your best friend?

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