On June 11, 2008, the CTA board was scheduled to hear the city's plan of a three-phase bailout of the construction of the rapid transit station under block 37. The plan included $20 million in additional tax increment financing. This comes on top of an extra $60–70 million in excess of its budgeted amount that the CTA had been forced to expend. The building developer, Joseph Freed & Associates, has agreed to accept $19 million of cost overruns. This round of assistance only covers costs that have been incurred to date. No further funds have been committed and the station's development is being halted until such funds arise. The original budget was $213 million ($173 from CTA) and the costs-to-date had been $320 million. The costs had run $150 million over budget at that time, and the city was seeking private investment. Construction finally began on the third building, the hotel and residences in the end of 2009.