Why Does Mayor Lovero Want to Subsidize a Company That's Closed $1B in Sales in the Last 9 Years?

At Tuesday’s (9/27/22) City Council meeting at 8pm at City Hall, City Council will vote on a TIF-funded Pay-As-You-Go Redevelopment Agreement with Realty of Chicago for its second location in Berwyn at 6505-11 Cermak. If the measure passes, Realty of Chicago would be subsidized in the amount of $449,499. 

However, according to its own website and social media, Realty of Chicago has closed over $1 billion in sales since its founding in 2013 and $340 million in sales to date in 2022

Additional Data on ROC's Wealth and Political Connections to Mayor Lovero

City of Berwyn Treasurer Robert Reyes is also the Vice President and founding member of Realty of Chicago. Reyes is part of Mayor Lovero’s political party, Democratic Citizens of Berwyn, and won his seat as Treasurer in an uncontested race in 2021. 

Since 2015, Realty of Chicago has donated over $22,500 to Mayor Lovero along with direct donations to Ald. Lennon and Ald. Leja.

In June of 2022, Realty of Chicago founder and CEO Eddie Garcia paid himself back the $100K donation he made to his political action committee. 

In 2020, Realty of Chicago received additional government support via a $21,977 PPP loan.

Realty of Chicago has 5 locations in addition to its second Berwyn location under construction at 6505-6511 Cermak. 

Cook County Treasurer States Berwyn Is $669M in Debt

According to the Cook County Treasurer, Berwyn is $669,746,501 in debt.