City of Chicago v. Prologis, 1-07-0108
Denial of a counterclaim for inverse condemnation brought against the City of Chicago by bondholders after it brought an eminent domain action against defendant to acquire property for a proposed airport expansion is affirmed where: 1) the bondholders had not legitimate expectation of guaranteed repayment; 2) the bonds were not secured by the property; and 3) the loss in the value of the bonds was a consequence of a lawful taking for which no compensation was required.
- Decided 06/06/2008
- Published 06/11/2008
- Presiding Justice FITZGERALD SMITH delivered the opinion of the court:
- Appellate Court of Illinois
- For Appellees:
- William E. Ryan, Michael W. Ryan, Lauren E. Ryan, Ryan & Ryan, Chicago, IL, William R. Quinlan, James A. Niewiara, Brian J. Alesia, Quinlan & Carroll, Ltd., Chicago, IL, for Defendant-Appellant and Intervenors-Appellants., Benna Ruth Solomon, Deputy Corporation Counsel, Myriam Zreczny Kasper, Chief Assistant Corporation Counsel, Christopher Grunewald, Assistant Corporation Counsel, of Counsel, Mara S. Georges, Corporation Counsel of the City of Chicago, Chicago, IL, for Plaintiff-Appellee.