Planetizen Newswire
Keep up with essential planning news and commentary, delivered to your inbox every Monday and Thursday.
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
- Urban Planning Trends to Watch in 2020
- 'Guardian Cities' Calls it Quits
- Wetlands Bring New Life to the Salton Sea
- 'Missing Middle Housing Act' Would Allow More Housing Options in Nebraska Residential Areas
- When Cities Are Designed for Driving, Car Bans Are Not the Solution
- The Best-Selling Master Planned Communities of 2019
- The City as a Self-Organizing, Adaptive System – Part 2
- Opinion: No to the Oakland A's Stadium Project
- Metro L.A. Drafts Frequent Bus Service Plan
- Changes in Houston Over the Last Decade
- Report Explores Future of Seattle Interbay Armory Site
- Wyoming Legislation Would Add Tolls to Interstate 80
- Exploratory Scenario Planning, Explained
- Opportunity Zones Under Investigation by Treasury Inspector General
- Can Hydrogen Make a Comeback?
- S.F. Bay Area Driver Shortage, Canceled Trips and Routes
- Thorough, Impactful ADU Reform Proposed in Washington State
- Proposed Development Moratorium Near Chicago's 606 Linear Park Causes Political Spat
- Missing Middle Housing, Parking Reform Under Consideration in Raleigh
- A Major Makeover for Houston Street
