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  #941  
Old Posted Sep 28, 2019, 3:37 PM
PKDickman PKDickman is offline
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Originally Posted by west-town-brad View Post
was not LSE an old rail yard? like the 78 thing? or am I thinking of something else?

also the LSE developers are on the hook for a new public elementary school right? are the developers doing that out of the goodness of their hearts or what did they get in return?
TIFs didn't exist when LSE started. The TIF Act was only passed in'77 around the time the LSE PD was passed.

Chicago's first TIF, the North Loop TIF didn't come til ten years later
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  #942  
Old Posted Sep 30, 2019, 1:17 AM
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^ 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.

They certainly could have asked for a TIF, but the previous high rises in the area would ruin the hypothetical “but-for” test.
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  #943  
Old Posted Sep 30, 2019, 11:15 PM
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With regards to LSE/New Eastside TIFs - I don't even recall Magellan ever talking about going to the city for TIF funding. . . separately with regards to the public school (I think someone mentioned it recently) I don't think they're on the hook for that. . . from what I recall the ball was in the Chicago Public School's court to decide if a school in the area was even warranted. . . seems like GEMs has - to some extent - fulfilled the need for a school in the neighborhood. . .

. . .
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  #944  
Old Posted Oct 1, 2019, 5:15 PM
PKDickman PKDickman is offline
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^ 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.

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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.
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  #945  
Old Posted Oct 1, 2019, 5:32 PM
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Originally Posted by Tom In Chicago View Post
With regards to LSE/New Eastside TIFs - I don't even recall Magellan ever talking about going to the city for TIF funding. . . separately with regards to the public school (I think someone mentioned it recently) I don't think they're on the hook for that. . . from what I recall the ball was in the Chicago Public School's court to decide if a school in the area was even warranted. . . seems like GEMs has - to some extent - fulfilled the need for a school in the neighborhood. . .

. . .
IIRC, Magellan would still be on the hook for building the new school... but Magellan and Ald. Reilly had indicated that CPS didn't have the budget to staff and operate it.

That always seemed like a too-convenient excuse to me, they were able to double the size of South Loop Elementary.

Of course, if no school gets built, then families with school-age children are probably gonna avoid LSE and go to other areas where schools are more convenient - even though LSE with its ample open space would seem to be ideal for kids vs. a more concrete jungle environment.
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  #946  
Old Posted Oct 1, 2019, 5:45 PM
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Originally Posted by ardecila View Post
IIRC, Magellan would still be on the hook for building the new school... but Magellan and Ald. Reilly had indicated that CPS didn't have the budget to staff and operate it.

That always seemed like a too-convenient excuse to me, they were able to double the size of South Loop Elementary.

Of course, if no school gets built, then families with school-age children are probably gonna avoid LSE and go to other areas where schools are more convenient - even though LSE with its ample open space would seem to be ideal for kids vs. a more concrete jungle environment.
We have school aged children here in the East Loop but I see more in the South Loop. . . has to do with a) Jones College Prep b) British School c) Dearborn Park d) Roosevelt Road xfers and e) skateboard park at the south end of Grant Park. . . seems like the South Loop is a more well rounded urban environment for that than the East Loop. . .

. . .
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