$20 million in TIF dollars for Block 37 CTA superstation?
The city council on Wednesday will consider $20 million more in tax-increment financing funds for the much-ballyhooed Block 37 CTA superstation, according to a Crain's Chicago Business report.
And even that may not be enough to finish the ill-fated project that has been beset with cost overruns since first approved by the city in 2005. Greg Hinz of Crain's further reports that the extra cash "will cover only costs already incurred."
"Until even more money is found, those people say, the semi-completed station will be mothballed, much like an unfinished basement in a home whose owner has poured the concrete but can't afford to install carpeting, paneling and other finishing touches."
Yes, you read that right -- "mothballed -- anything which is put into storage or whose operation is suspended."
This is truly outrageous. Since we've come this far on the project, it probably ought to be finished, but with private funding, as Crain's suggested last fall. The CTA claims the tunnel linking the Red and Blue lines will give the agency flexibility in managing train equipment. And then there's the alleged high-speed train route to both O'Hare and Midway airports.
Kudos to Crain's and Hinz, who have been out front in reporting on this topic.