Chicago's Largest-Ever Tax Increment Financing District Approved for Lincoln Yards Development
The new TIF is expected to generate $900 million. Opponents wanted to wait until a new mayor is elected to decide on the TIF.
"The Community Development Commission on Tuesday unanimously approved the largest tax-increment-financing subsidy in Chicago history — $900 million — to unlock the development potential of the $6 billion Lincoln Yards development," reports Fran Spielman.
The 168-acre TIF will create revenue for reimbursing infrastructure expenditures by developer Sterling Bay.
Those infrastructure investments include: "untangling the notoriously congested intersection at Armitage, Ashland and Elston; a new Metra station; an extension of the wildly-popular 606 trail; new bridges over the Chicago River and a possible light-rail transit connection from the site, along the Chicago River, to downtown commuter rail stations," according to Spielman.
Published on Tuesday, February 19, 2019 in
Topics
- Report: No City or State in the U.S. Has Enough Housing for Low-Income Residents
- Scooter Media Brief: Safety, Security, and Business Models Raise Concerns
- The New New Protected Bike Lane
- Review: The Hudson Yards Mega-Development, Open to the Public Today
- Trump's Budget Would Cut Funding for HUD, Transportation, EPA, More
- 3D Printing Affordable Housing at Scale
- Editorial: Raise Height Limits to San Jose's Proper Stature
- It Takes a Fatality to Remove On-Street Parking
- Five Years of 100 Resilient Cities
- Where Gas Taxes Only Serve the Needs of More Sprawl
- Google Doodle Commemorates Those Bumps on the Edge of the Transit Platform
- Express Bus Service Coming to the Suburbs South of Seattle
- On-Street Parking a Sticking Point for Cincinnati's Road Diet Plan
- Bus Transit Used to Be Profitable on the Las Vegas Strip
- Study: Density Can Impede Growth
- Climate Resilience Plan Would Extend Manhattan
- Deadly Flooding Follows Bomb Cyclone in the Midwest
- Many Norms, Few Plans: Urban Rubble Clearance in the Cities of the Global South
- Home Builders Aren't Building the Smaller Homes the Market Wants
- An App for Finding the Best Ground Transportation Options at Airports
