CHICAGO
12/13/2008 05:12 am ET | Updated May 25, 2011

Taxpayers To Foot $7M Bill For Downtown Project

Taxpayers will pick up $7 million in costs for the creation of a new downtown public plaza at Randolph and Franklin Streets, part of an office project developed by John Buck Co.

The Chicago City Council approved the use of public money for the project today. Called a tax-increment financing subsidy, the money is intended to help the developer with the costs of acquiring the property and preparing the site for construction.

In a statement, Mayor Richard Daley said the new plaza will be a boon for downtown workers, tourists.

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