Give CME $15 million, Mayor Daley says : Hand out For Profitable S&P 500 Company

The Chicago Sun-Times reports:

Delivering on a promise made to Chicago's financial exchanges in 2007, Mayor Daley proposed a $15 million tax subsidy Wednesday for CME Group Inc., owner of the Chicago Mercantile Exchange and the Chicago Board of Trade.

The money will be part of a planned $61.8 million renovation of space the exchange uses at three downtown locations, including the trading floor at 141 W. Jackson. In return, CME is pledging to add 638 to 900 jobs over the next 10 years.


When Chicago's two financial powerhouses combined in 2007, the deal resulted in about 450 layoffs. CME said it employs about 1,750 people downtown.

No word yet from former CME board member Rahm Emanuel on this one.