May
03

NATO is Coming: Should You Leave Your Chicago Real Estate?

May 03, 2012

In just a couple weeks, international delegates from around the world will come to Chicago for the NATO summit, an event that has many local residents wondering if they should be planning a trip out of town.

On May 20-21, Chicago will host the 25th North Atlantic Treaty Organization (NATO) Summit, the first NATO Summit in the country held outside Washington D.C. More than 15,000 delegates, their staff, security, press and other dignitaries from around the world are expected to converge on Chicago for this historic event.

According to World Bank Chicago, the Summit and its related events will make an estimated $128.2 million economic impact on the city of Chicago, which will also see another $3 million in local tax revenues and the creation of nearly 2,200 temporary jobs.

But there’s a downside. The summit will attract massive crowds of protesters, and there’s a chance for rioting. There will be periodic street and highway closures and getting around the city will be difficult.

Some condo buildings are advising residents to find somewhere else to stay during the summit. Other associations are taking extra precautions for their downtown residential buildings, including:

*Allowing only residents to enter during the summit.

*Closing off balconies and some entrances.

*Banning deliveries.

*Postponing contract work.

*Prohibiting moves during this period.

Chicago police say they are ready. Hundreds of residents from the Streeterville neighborhood, where many delegates are expected to stay, packed a downtown hotel on Wednesday to ask security officials whether they should take off during the summit.

Residents have big concerns over the safety of their properties and asked Chicago police representatives which will take priority: The heads-of-state or our Chicago real estate.

“Let me make this real clear. We are the Chicago Police Department, and we are responsible for policing the streets of the city of Chicago,” Deputy Supt. Debra Kirby told the crowd.

“We are prepared and equipped to deal with whatever contingency comes our way. We are planning for everything.”

Residents should too. If you decide to stay in town, have a back-up plan, just in case.

Stay tuned to Chicagoland Real Estate Forum for more information on the NATO summit, and check out the official Chicago NATO website at ChicagoNATO.org.

About The Author

Tracey

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