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Gov. Rod Blagojevich's administration has reached a deal to mortgage the state's main Chicago office building, a move that would raise $200 million to help close what had been a $5 billion hole in the state budget, officials said Friday.
The state will pay off the mortgage on the James R. Thompson Center with annual payments of $14 million for 10 years. At that point, the state would pay off the rest of the debt or reach a new refinancing deal, said Michael Rumman, director of the state Department of Central Management Services.
Blagojevich got legislative permission last...