They will build office towers, which are now dinosaurs. Apartment buildings where most new apartment buildings are half full. And they will be high rent, so those renting in Linoiln Park, Streeterville, the Gold Coast, might move there. So those neighborhoods lose out. Build some bars and restaurants. If people go there, they will be spending money they would have spent elsewhere. Will they get a grocery store? That would be nice, but a good portion of the south side is currently a food desert, and apparently there are no public funds to build a few.
jerry got a park built for him 35 years ago. To his speciations. Now he can’t make enough money, please build him another one. They offered him development in the GRF parking lots. He said no, He makes money on the parking spaces. The state did build him free of charge a team store and restaurant. And JR gets all the profit. Unfortunately that isn’t enough for JR to compete with the Clevelands , and Kansas Citys , and Detroits and Minnesotas.
The economics part is all a play on words. No new tax, yet there is a new debt that has to be paid with tax money. Hotel tax, locals don’t have to worry about it. Except when there are shortflalls, and with bigger debt, potentially bigger shortfalls. Plus the sales tax there goes to paying down Jerry’s park? There goes the argument that the new neighborhood would be a boon for the city and state.Jr and the developer have many billions of dollars. They have the TIF money. Do the rest themselves.