The General Assembly gave Gov. ROD BLAGOJEVICH many of the things he wanted in the spring legislative session, though a venture capital program was not one of them.<\/p>\n
During the campaign, it was not uncommon to hear Blagojevich talk about “parts of our state too often forgotten,” with one of the solutions being a venture capital plan that he said would create thousands of jobs.<\/p>\n
A consultant to the Blagojevich campaign said last summer that if the proposed $200 million pool of private dollars were collected to form the “Illinois Opportunity Fund,” it would be used to help develop businesses creating 9,000 direct jobs, with a multiplier of related jobs moving the total to 23,000.<\/p>\n
The numbers were questioned by some in the venture capital industry, but hey, it was a campaign.<\/p>\n
Well, legislation was filed to create the fund, but unlike the O’Hare Airport plan strongly backed by Chicago Mayor RICHARD DALEY – which O’Hare expansion backers and Blagojevich claimed will create 195,000 jobs – the venture capital plan was introduced in the House and never made it to a floor vote.<\/p>\n
During the last week of the legislative session, House Speaker MICHAEL MADIGAN, D-Chicago, expressed some reservations about the proposal.<\/p>\n
“The state’s lucky if it can do its ordinary business, let alone venture capital,” Madigan said.<\/p>\n
The legislation, HB3638, would set up tax credits for the private investors in the fund. If the return on their investments doesn’t provide them with specified rates of return, they could benefit from the tax credits, redeemable between 2010 and 2033.<\/p>\n
As Blagojevich rightly basked in the glow of getting a budget passed on time by the legislature, he said he hopes the venture capital legislation can pass as early as this fall’s veto session.<\/p>\n
“We’re still trying to kind of fine-tune it a little bit, and make it a bit more palatable for some of the legislative leaders who … weren’t quite persuaded that it has the promise that we think it has,” the governor said.<\/p>\n
The opportunity fund, the legislation states, would “operate primarily as a fund of funds” that invests its money principally in existing venture capital funds and small business investment companies that have a “meaningful physical presence” in Illinois.<\/p>\n
First family in town<\/p>\n
Meanwhile, first lady PATTI BLAGOJEVICH with first kids AMY and ANNIE made it down to Springfield for the weekend, staying at the mansion, visiting the governor’s suite of offices at the Statehouse, and doing some shopping at White Oaks Mall. That was the first family, minus the governor, on Saturday afternoon in Gap Kids.<\/p>\n
Brooks to be honored<\/p>\n
Carrying out what was called for in a unanimous legislative resolution, Secretary of State JESSE WHITE, who is also state librarian, is hosting a ceremony at 11 a.m. Friday to rename the Illinois State Library for the late GWENDOLYN BROOKS, who was the poet laureate of Illinois from 1968 until her death in December 2000.<\/p>\n
Weather permitting, the ceremony will be on the front steps of the library, at 300 S. Second St. If need be, it will be held inside.<\/p>\n
WGN-TV anchor ALLISON PAYNE will emcee. Speakers will include the governor, Senate President EMIL JONES JR., House speaker Madigan, state Rep. LOVANNA JONES, D-Chicago, Springfield Mayor TIM DAVLIN and NORA BROOKS BLAKELY, daughter of the late Pulitzer Prize- winning poet.<\/p>\n
The governor will also participate in a noon ceremony in the Capitol Rotunda Friday to mark the change of command ceremony for new Illinois adjutant general from Maj. Gen. DAVID HARRIS to Col. RANDAL E. THOMAS.<\/p>\n
New vision for Davlin<\/p>\n
Mayor Davlin hopes to be seeing things more clearly soon.<\/p>\n
That is not a political statement.<\/p>\n
Davlin is scheduled to have LASIK surgery on June 13 in Springfield.<\/p>\n
Davlin is now nearsighted and wears contact lenses.<\/p>\n
“My contacts dry out and I just can’t stand it,” he said. He also uses reading glasses.<\/p>\n
He said he’s wanted to have such sight-correcting surgery for a long time. He’s supposed to have the procedure on a Friday, and be back to normal within a day. The procedure isn’t covered by his insurance, he said.<\/p>\n
State of the GOP<\/p>\n
Sangamon County GOP Chairman IRV SMITH says that the “Chairman’s Classic” golf-outing\/fund-raiser Friday at Edgewood Golf Club in Auburn probably raised more than $40,000.<\/p>\n
While that’s down from the $50,000-plus raised last year, Smith is still very thankful for the infusion of cash and the show of confidence in the party, given the losses in the past year of the offices of governor and mayor of Springfield. He also said the event coincided with the end of the legislative session, making it difficult for some to attend.<\/p>\n
The $125-per-person fee was just part of the take, and Smith said larger sponsors seemed eager to donate early. “I spent less time calling this year than ever” to generate those donations, he said.<\/p>\n
In a letter to those who participated, Smith says that the “immediate and positive response” was as appreciated as any experience in his nearly 50 years of political life.<\/p>\n
“After a quarter century of winning, the double whammy of losses was enough to drive one from the fray,” he wrote. “But as long as there is life there is hope, and the elephant does not forget.”<\/p>\n
He also quotes General DOUGLAS MacARTHUR, leaving the Phillipines in 1942 and vowing “I shall return.”<\/p>\n
“Those were difficult and scary days said Smith, who was 12 at the time. “That spirit is alive and well, and you are demonstrating it.”<\/p>\n
He expressed confidence that President GEORGE W. BUSH, Speaker of the U.S. House DENNIS HASTERT of Illinois, and state Treasurer JUDY BAAR TOPINKA, who also heads the state GOP, will “lead Illinois to a brilliant victory.”<\/p>\n
In a P.S., he states, “The funk of grieving is over, healing and a very healthy restoration to a strong and vital organization is proceeding.”<\/p>\n
But Smith also allowed in an interview that some good Republicans who were recently put out of government jobs are hurting.<\/p>\n","protected":false},"excerpt":{"rendered":"
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