12/07/2008 05:12 am ET Updated May 25, 2011

Daley Proposes $12 Million For Block 37

Downtown's Block 37 project, already one of the most tax-subsidized developments in city history, is in line for more money.

Mayor Daley proposed Wednesday a $12 million subsidy for a new hotel on the block. The proposal, introduced to the City Council, calls for a 354-room Loews hotel.

The $12 million joins $42.4 million the city already has committed to Block 37 from its Central Loop tax-increment financing district.

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