View Single Post
  #944  
Old Posted Oct 1, 2019, 5:15 PM
PKDickman PKDickman is offline
Registered User
 
Join Date: Mar 2011
Posts: 557
Quote:
Originally Posted by ardecila View Post
^ Illinois Center was developed in the 70s, and a handful of residential towers along Randolph, but LSE (the Magellan mega-development) only began in the early 2000s.
But they would have been bound by the original PD. If it specified them doing it on their own dime, that would still be enforced.

Quote:
Originally Posted by ardecila View Post
They certainly could have asked for a TIF, but the previous high rises in the area would ruin the hypothetical “but-for” test.
This is the problem. Developers aren't supposed to ask for a TIF, they are supposed to ask for money from an existing TIF.
The notion that developers could use their own tax payments as financing didn't occur to anyone until 2008 when they created the Weed/Freemont TIF to fund Grossinger Auto.
Reply With Quote