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.
FULL STORY: Community Development Commission OKs $900 million TIF for Lincoln Yards
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