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"Much of $100 million from sale of Holy Name lot to go to church sex-abuse debts"
chicago.suntimes.com
"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... another knowledgeable source paints a more alarming picture, suggesting the church might eventually need to tap additional funding sources or have to make tough financial choices. Selling the Holy Name parking lot 'would go a long way' toward attacking the sex abuse debt, 'but you’re still $200 million short,' that source told the Sun-Times. 'It mitigates the problem but doesn’t solve it.'...
The archdiocese also is in the process of closing and consolidating schools and churches, many of which have been hit by declining enrollment and mass attendance. But Cupich has portrayed the closures and mergers as motivated less by finances and more as a 'spiritual revitalization.'...
Cupich wouldn’t agree to an interview.
And Betsy Bohlen, his $300,000-a-year chief operating officer, would answer only certain questions and do so only by email."
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