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Chicago & Midwest  + North Side  + Finance  |  February 21, 2019
Paul Bubny
By: Paul Bubny

Lincoln Yards TIF Funding Gets Another Thumbs-Up

Chicago’s Community Development Commission voted unanimously to support the creation of a Tax Increment Financing (TIF) district that would include Sterling Bay’s Lincoln Yards project. The thumbs-up brings the developer closer to scoring up to $1.3 billion in public funds to create new infrastructure around the North Side site.

If the full City Council follows suit on approving the TIF district and the Lincoln Yards project, then Sterling Bay could receive as much as $900 million in TIF funds toward new roads, bridges and public transportation on and around the Lincoln Yards site. The city also could provide up to $400 million in tax-exempt bonds or notes.

The Chicago Tribune reported that similar to Amazon’s now-scrapped plan to build a campus in New York’s Long Island City neighborhood, Lincoln Yards has become a hot-button issue among candidates in aldermanic races, and the upcoming election of outgoing mayor Rahm Emanuel’s successor.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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