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Chicago & Midwest  + Finance  |  April 11, 2019
Paul Bubny
By: Paul Bubny

City Council Okays $1.6B in TIF for Mega-Projects

Chicago’s City Council has approved a total of $1.6 billion in tax-increment financing (TIF) for Sterling Bay’s Lincoln Yards and Related Midwest’s the 78. Mayor-elect Lori Lightfoot, who had called for more time to consider the TIF packages, dropped her opposition after the developers agreed to increase the amount of construction work going to minority- and women-owned firms.

The City Council’s finance committee approved the tax benefits earlier Wednesday after postponing a vote this past Monday. The TIF packages drew opposition from critics who believed the developers should pick up more of the tab on the two projects.

Outgoing Mayor Rahm Emanuel, who leaves office next month, said after Wednesday’s vote that the TIF was a way to move the city forward.

“These are investments in the future that are not bound by the boundaries of the space,” he said. “They will actually have dividends throughout the city of Chicago.”

Pictured: A rendering of Lincoln Yards

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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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