Illinois State Comptroller Susana Mendoza helped ensure Thursday that the state will no longer invest in funds which own properties flouting Illinois’ Prevailing Wage Act.

Comptroller Mendoza, who sits on the Executive Committee of the Illinois State Board of Investments, learned earlier this year that the Westin Hotel in Rosemont (which is owned by an investment fund managed by Clarion Partners) underwent a major rehab without paying prevailing wage.

This new language added to ISBI’s rules Thursday specifically outlines that when ISBI funds are used to purchase real estate in Illinois, the managers of those investments must comply with a prevailing wage scale for ISBI-owned properties within Illinois.

The relevant rule now reads: “All investment managers, property managers, contractors, and their subcontractors shall observe, where applicable, all local, state (including Illinois’ prevailing wage scale for ISBI-owned properties within the State of Illinois) and national laws, but not limited to, those pertaining to insurance, withholding taxes, minimum wage, labor relations, health and occupational safety.”

“I’m pleased to hear of the Board’s action today and we appreciate Comptroller Mendoza following through on protections of the Prevailing Wage Act to better ensure public funds, as well as public investments made by the ISBI Board, are made with the hard-working men and women at the forefront of their decisions,” said James P. Connolly, business manager for the Chicago Laborers’ District Council.

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