Wednesday, May 23, 2007

Nice money, if you can get it

Mayor Daley really wants Uptown redeveloped -- so much so that he's willing to lob a $43.1 million TIF subsidy at a 5 acre project anchored by Target that will create an estimated 200 jobs, or $215,500 per job. While my initial reaction was that this looks awful on the surface, I guess Uptown really needs it, or the area could remain stagnant.

One good thing about the project is that it will throw off 178 units of affordable housing, which is well-needed. Meanwhile, Target's profits are up 18% in Q1, beating analyst estimates by $0.04 a share. Of course, TIF funds notwithstanding, this doesn't mean the project is a done deal, especially if the City Council decides to revive the big box ordinance. Da Mare has already warned the incoming Council that this is, at least for him, a non-starter.