Daley nephew's deals :: CHICAGO SUN-TIMES :: The Watchdogs
Mayor Daley's nephew Robert Vanecko and Vanecko's business partner Allison S. Davis have been making news lately.Their real estate investment business, DV Urban Realty Partners, manages $68 million for five city pension funds -- representing Chicago police officers, teachers, CTA employees and other city workers.
A federal grand jury and the city of Chicago's inspector general are looking into how DV Urban Realty got the city pension business.
Since 2006, the pension funds have paid Davis and Vanecko more than $2.7 million of $8 million in management fees the pair are guaranteed by the time their deal ends, on Dec. 31, 2014. Any profits they make on real estate deals with the pension money are to be shared among the pension funds, Vanecko and Davis.
Hmmm...So they get money to buy properties ($), they get to manage the properties ($$), and they get to share in any profits made by those properties ($$$). Sounds like a great deal for all these city workers' pensions. I bet Mayor Daley doesn't know anything about this...
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