Here is a 2000 news report on a University of Chicago study based on the Chicago suburb of Orland Park indicating that
1) Projected tax savings from development do not materialize because they are absorbed by increased municipal services.
2) Overdevelopment/reduction of green space can lower property values.
3) Preserving green space is a smart fiscal choice for a community. Overdevelopment is not.
Note that the first sentence of the article is a mistake on the reporter's part and contradicts the rest of the piece.
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