This is money that is taken away from the public schools and city projects and given to underdeveloped areas. Normally, if these funds are given to private universities, it is because the projects will help all the citizens (Northwestern University got money for a regenerative medicine wing and DePaul University received money for a science center).
Furthermore, this is city property that could be taxed going to a tax-exempt school. The city gets nothing back.
Joravsky states, “… The public is paying roughly $54 million of an $85 million construction project that benefits a private university charging $26,150 annual tuition and blessed with a growing endowment that now stands at about $260 million.”
Why is Loyola getting city funds for this? According to the article, political ties to the school.
For what it’s worth, our state constitution prohibits such activity (Article X, Section 3).
[tags]Joravsky, Chicago, Reader, Loyola, public, private[/tags]