Wednesday, February 27, 2019

FYI: TIF for The 78 Cleared the Chicago Plan Commission Last Week

In case you missed it last week, the proposed TIF for the 78 cleared a major hurdle (via Crains):
The fate of two proposed tax-increment financing districts that would earmark as much as $2.4 billion in public money to fuel a pair of megadevelopments on the city's North Side and in the South Loop is now in the hands of the Chicago City Council.
The Chicago Plan Commission today approved the proposed TIF districts, meant to help finance infrastructure projects that would pave the way for developer Sterling Bay's $6 billion Lincoln Yards project along the North Branch of the Chicago River and Related Midwest's $7 billion vision for a mixed-use campus known as the 78 between Roosevelt Road and Chinatown.

The OK from the mayor-appointed board clears the way for both proposed TIF districts to potentially go before the City Council's Finance Committee and the full City Council next month. If both are passed, it would grease the skids for the developers to move forward with two of the most ambitious megaprojects in the city's history.

In case you're curious what the TIF may entail here you go:
In the South Loop, the proposed Roosevelt/Clark TIF for the 78 site could reimburse up to $700 million, with $600 million of that dedicated to public infrastructure projects such as new street grid, bridges and a new CTA Red Line station at the corner of Clark and 15th streets. The TIF budget also estimates as much as $400 million in developer financing costs.

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