Scenic Lower Wacker | Bleader

Friday, April 25, 2008

Scenic Lower Wacker

Posted By on 04.25.08 at 03:54 PM

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The city plans to build walkways beneath bridges at Michigan and Wabash Avenues that will connect paths already built along the Chicago River. The new connections will allow pedestrians to stroll along Chicago’s “second lakefront” — as Daley calls it — without running up a set of stairs, crossing the street and going back downstairs.

I was just thinking that today would be a beautiful day to spend on Lower Wacker. I mean, the "second lakefront." So that's nice. Seems like a luxury, but it's not when it comes from the TIF that keeps on giving:

Both projects will be financed by roughly $10 million in funds generated by the Central Loop tax-increment financing (TIF) district.

That would be this TIF, which Ben Joravsky wrote about in 2006:

Over the last five years the TIF has diverted at least $350 million in property taxes—$88.1 million last year alone—according to the Cook County Clerk’s annual statement.

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