Making the case that proposed developments won't come to fruition with support from tax increment financing, Mayor Rahm Emanuel is moving quickly to shore up development plans now that Amazon has moved on.
"Mayor Rahm Emanuel was planning to fast-track $1.7 billion in subsidies to unlock the development potential of four massive projects in and around downtown even before Chicago appeared to have lost the competition for Amazon’s second North American headquarters," reports Fran Spielman.
By subsidies, Spielman is referring to tax increment financing, set up specifically to protect taxpayers from risk. "Instead of fronting developers the money and being reimbursed when property taxes generated by new development start rolling in, developers will be asked to bankroll infrastructure improvements and be repaid after the fact," explains Spielman.
As for the development sites: "They include a Chicago River district where Tribune Media wants to build 15 office and residential towers; 'The 78,' a 62-acre site at Roosevelt and Clark once owned by convicted felon Tony Rezko, where Gov. Bruce Rauner dreams of building an innovation center led by the University of Illinois; the Lincoln Yards site, which includes the old Finkl Steel plant among 100 acres along the river, and the Burnham Lakefront, an area that includes the old Michael Reese Hospital site."
FULL STORY: Emanuel pushes $1.7B in subsidies to unlock development potential of four sites
Editorial Board Calls for Tax Increment Financing Reform in Chicago
The Chicago Tribune says the city of Chicago can't be trusted with tax increment financing (TIF), so it's time for a do-over.
Tax Increment Financing Reforms Promised by Chicago Mayor Lightfoot
The controversial tax break known as TIF looks headed for reforms in the Windy City, as Mayor Lori Lightfoot promises reforms that ensure more equitable application of the benefits of TIF.
Lincoln Yards Mega-Development Clears Final Legislative Hurdle
A Chicago City Council vote to approve tax increment financing for the massive Lincoln Yards redevelopment proposal scored a surprising reversal and a big win for outgoing Mayor Rahm Emanuel, with an assist from Mayor-elect Lori Lightfoot.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
With Protected Lanes, 460% More People Commute by Bike
For those needing more ammo, more data proving what we already knew is here.
In More Metros Than You’d Think, Suburbs are Now More Expensive Than the City
If you're moving to the burbs to save on square footage, data shows you should think again.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and "harrowing" close calls are a growing reality.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)