Thursday, April 02, 2020

Chicago TIF policy gets retool but reforms don't go far enough for many

The Lincoln Yards development became the poster child of all that was wrong with the Tax Increment Financing Program. In many citizen's eyes a huge successful developer received precious tax funding for an area that would be developed privately anyway.  Photos taken March 30th last week. All photos Eric Rojas, Broker, Kale Realty
Most resources are currently directed at fighting the corona-virus outbreak. That said the City Council still needs to govern and we'll need good policy going forward more than ever. New construction development was a top policy debate prior to the outbreak. Some Alderman in Logan Square even pushed for a development moratorium for properties along the 606 Trail. 

Lincoln Yards development site is situated between the Lincoln Park and Bucktown neighborhoods along the Chicago River.. Many of the residential and commercial spaces will afford spectacular skyline views.

The Tax Increment Financing Program (TIF) was a big mayoral campaign issue. Back in February WTTW did a story on Mayor Lightfoot's plans to reform how TIFs are utilized in Chicago. The Daily Line revisited the subject late last month.  We went out and took a few photos of the Lincoln Yards development site on March 30th. Lincoln Yards became Ground Zero for the TIF dispute during the last Mayoral election.

From my reading Lightfoot is promising more oversight and transparency into the actual process of determining which projects should be eligible for TIFs. The changes do not appear to rule out more prosperous areas of the city or large developers from benefiting from TIF funds to build private residential and commercial units. 

At West Dickens 

On West Cortland

Looking West

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