Read all about it in Lake Effect News. This is the first step to creating yet another Uptown housing TIF.A couple more days to send those emails!
Read all about it in Lake Effect News. This is the first step to creating yet another Uptown housing TIF.
Hmmmmm....exactly what she said she wouldn't do at the 8:00am Truman College meeting!
ReplyDeleteHey, give me 40 to 50 million and I will inject 6 million into the park.
ReplyDeleteBottom line the developer isn't putting any money out of his pocket into the park.
Prime lakefront property doesn't need the taxpayers money to develop.
ReplyDeleteThis is a farce!
“I’m not sure why it happened, but everything is moving forward as planned,”
ReplyDelete-nooooooooooooooo!
Why MUST we be a textbook of local government gone wrong?
There are condo developments in foreclosure all over Chicago so I don't think at this time the Marryville site will get developed.
ReplyDeleteFrom Crains:
Davis loses control of Grant Park condo tower
Chicago developer Allison Davis has lost control of a slow-selling $117-million condominium tower overlooking Grant Park, rankling an investor in the project who has sued the lender that took it over
Granted it's not the same project but all over town developers are losing land and finished un-sold developments.
Don't be fooled. These will never be market rate condos. It's another bait and switch just like Wilson Yard to cram in more subsidized housing.
ReplyDeleteI'm getting conflicting info, so I've removed my post until I can confirm.
ReplyDeleteWait a minute... the project is tentatively called "lakeview Station"? Shiller and the developer are trying to take our uptown tax money but they're too embarrassed to admit that the development is IN UPTOWN, and are planning to cash in even further on a lame Lakeview reference?? Nice.
ReplyDeleteI've recently been to one of the community meetings. This isn't a bad deal at all.
ReplyDeleteThe property they are trying to develop is currently part of the Wilson Yard TIF. The Maryville Academy is currently owned by the Catholic church so it generates zero in taxes.
So what they are doing is creating a new TIF district which only includes this property and part of Clarendon Park, thereby creating something out of nothing (as the church pays zero taxes).
By creating this new TIF 6 million will be made available to the park for improvements.
Considering the alternative: the Catholic Church bulldozes the buildings, fences it off and it sits as a vacant dirt lot as part of the Wilson Yard TIF from now until....
At least this way something good is made of that land, the park gets improved and we are all saved a potentially ever-lasting eye sore.
But Nicholas...why don't we taxpayers spend 6 million instead of 50? We'd save $44MM. Leave it in the WY TIF. Erect 100% re tax generating projects. (Instead of more tax exempt/tax credit.)
ReplyDelete