City Hall is planning another subsidy for Block 37 — this time a three-phased bailout of an el station under construction there that’s running more than $100 million over budget.

Under plans that the Chicago Transit Authority board is scheduled to consider on Wednesday, the city would provide roughly $20 million in additional tax-increment financing funds for the “superstation” beneath the mixed-use project rising at Block 37, Crain’s has learned.

In addition, the CTA in several stages over the past year or so has poured an extra $60 million to $70 million of its own money into the project, despite its shortage of capital funds, sources say. And developer Joseph Freed & Associates, which is building the retail and residential structures on top of the station, reportedly has agreed to absorb about $19 million of the cost overruns.