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Vote Postponed on TIF Packages for the 78 and Lincoln Yards
The Chicago City Council’s finance committee has delayed a vote on $2 billion in tax-increment financing (TIF) for two mega-projects: Sterling Bay’s Lincoln Yards on the North Side and Related Midwest’s the 78 in the South Loop. The decision by committee chairman Patrick O’Connor pushes back a potential vote on the tax packages until Wednesday.
O’Connor’s move came after calls from both the incumbent mayor, Rahm Emanuel, and Mayor-elect Lori Lightfoot to give more consideration to the question of whether the two projects warranted benefits on this scale. In a statement, Emanuel said he called for the delay “out of respect for [Lightfoot’s] wishes and request,” although he supported both projects.
Ald. Brian Hopkins, whose ward includes the Lincoln Yards site, had called for a vote regardless of Emanuel and Lightfoot’s requests. “I don’t believe there’s a single alderman on the Finance Committee who’s undecided,” Hopkins told the Chicago Tribune.
Pictured: A rendering of the 78
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- ◦Financing
- ◦Development
