Expanded use of tax increment financing is on the table in Chicago—a city that invests less than its peers on building and running transit.
Steven Vance reports on a bill making its way through the Illinois State Legislature that would enable "a new class of tax increment financing district that could only be created around Chicago transit stations and lines…" Moreover, adds Vance "[m]ost of the revenue generated by these TIFs would be earmarked to pay for construction of rapid transit lines, stations, and other transit-related facilities."
Vance includes a list of the areas, all within a half-mile of ongoing transit projects that would be eligible for the new TIF, although it seems that the TIF could also apply nearby existing facilities. Vance also notes that the new legislation addresses some of Chicago's recent controversies regarding the use of tax increment financing by requiring that Chicago Public Schools "gets all of the tax revenue it would receive from the area if the transit TIF had not been created."
FULL STORY: New Type of TIF District Would Increase Funding for Transit Projects
Chicago Music Venue Operators Still Concerned About Lincoln Yards Project
Assurances that the plan will not include large commercial venues have not calmed fears about the future of local independent clubs.
Everything About Tax Increment Financing
A controversial form of value capture, tax increment financing begs for further analysis and understanding. A new report by the Lincoln Institute of Land Policy sheds light on the subject.
Colorado Legislators Pass Bill to Reform Tax Increment Finance Districts
House Bill 1375 in Colorado would rewrite the rules of tax increment finance—sending more money to counties, which hope to gain more funding to provide for services. The bill awaits the signature (or veto) of Governor John Hickenlooper.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
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ULI Northwest Arkansas
Town of Zionsville
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