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Lake View Station's TIF Math

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One of the main reasons that Uptown residents voted against Lake View Station in such overwhelming numbers is that the developer seeks to use $50 million from the Montrose/Clarendon TIF district. According to Ben Joravsky, The TIF was created on the grounds that the Clarendon Park field house was in need of repairs. "So the city's plan effectively became giving a developer $44 million in property taxes in order to spend $6 million fixing up a public park." But, as Joravsky notes, the same tax money that goes into the TIF district is siphoned off from other city services, including — you guessed it — the Park District. [Chicago Reader]