This is why you are broke.

On the same day that Chicago Mayor Rahm Emanuel publically discusses service cuts and tax increases to close a looming $636 million budget deficit, the Chicago City Council advances a city ordinance that would spend $7.7 million dollars to purchase 21 acres of Rosehill Cemetery.  (The cemetery is owned by Service Corporation International).

The purchase of this property is “essential to prevent the area -- which includes no graves -- from being developed into a retail or housing project”, according to Alderman Patrick O'Connor, (40^th ward).  The city's portion of the cost will come from $3 million in tax increment financing, and $4.7 million in bond money, according to Nelson Chueng of the city's Department of Housing and Economic Development.

When did the city council gain the authority to purchase land to prevent retail or residential development?

Not only is the city flushing $7.7 million down the drain for the cost to purchase this land but the city is committing to a perpetual cost to maintain this property.  Note that the city is borrowing the money to pay for this.  Also, what tax increment financing will result from converting this land to public space?