Much of $100 million from sale of Holy Name lot to go to church sex-abuse debts

Anticipating getting $100 million or more from the sale of a parking lot at Holy Name Cathedral, the Archdiocese of Chicago expects to spend most of that windfall repaying money that was borrowed to cover the financial costs of clergy sex abuse claims.

That's according to a Chicago Sun-Times examination of the church's most recent financial reports and interviews that show the archdiocese owes more than $200 million, mostly related to sex abuse claims. And the church estimates it could end up with another $100 million in costs for pending and future claims.

In October 2017, church officials, discussing plans to sell the property across from Holy Name, the seat of the archdiocese, said, "We sought a developer who shared our vision of improving the neighborhood we have been proud to call home for nearly 175 years."

And developers unveiled plans to put up two high-rise residential towers on what's now largely a parking lot for the cathedral - prime real estate at Chicago and State.

They hope to finalize the sale of the Holy Name lot and begin construction work within the next month or two, according to developer Jim Letchinger, who's overseeing the project with Sterling Bay.

The church is on a good path to improve its financial footing, one source familiar with the archdiocese's operations says - guided by an advisory finance council filled with accountants, bankers and other professionals in the business world.

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