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Originally Posted by Mr Downtown
Is it true that there's still no park dedication and no new transit in the PD?
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The PD's just a zoning approval. Sterling Bay is not relying on park space or transit improvements to get their density.
I assume parkland, transit, and anything else to be funded out of TIF proceeds will be spelled out in an Redevelopment Agreement, but the TIF district needs to be approved first. Usually TIF districts are created by the city to lure developers, then a developer comes along later. This one is backwards, Sterling Bay is requesting the TIF.
We'll see what happens next. Probably a lawsuit will be filed to challenge the PD approval, which will likely be dismissed in court. Then opponents will pivot to an all-out campaign against the TIF legislation or the RDA. But at that point the battle is essentially moot - the towers are a done deal and they'd simply be opposing all the goodies for the community. Also, Rahm may not be able to get to the finish line before he leaves, so the new mayor may get a chance to alter the project.