Second Chance for Illinois Redevelopment Bond Holders?

         On November 1, 2007, we blogged (He Who Lives by the Sword, Dies) about the Illinois case of City of Chicago v. Prologis (Ill.App. 2008) 890 N.E.2d 639, in which the Illinois Appellate Court held that holders of redevelopment bonds are not entitled to compensation when land within the redevelopment for which those bonds were issued is condemned by another condemning entity — in this case it was a taking of redeveloped land in the Village of Bensenville for expansion of the Chicago airport, and the taking stopped the flow of property tax revenues used to service those bonds.

          We have now been informed that the Illinois Supreme Court has granted review in this case. Stay tuned.