Chicago & Midwest + South Side + Finance | December 15, 2022

City Council Okays $959M TIF for CTA’s Red Line Extension

A new Transit Tax Increment Financing (TIF) district approved by the Chicago City Council on Wednesday will provide financial support for the $3.6-billion extension of the Chicago Transit Authority (CTA) Red Line from 95th Street to 130th Street on the Far South Side. The adopted Transit TIF legislation includes three measures that will generate up to $959 million in local funds for eligible costs involving RLE construction and administration.

“The Red Line Extension project represents one of the most critical investments in CTA’s history and will undoubtedly be a transformative development for our Far South Side community,” said Chicago Mayor Lori Lightfoot.

She continued, “Not only will this project correct a decades-long lack of rail access for community members, but it will also connect them to jobs, education, and commerce, as well as bolster the economic development of their neighborhoods.”

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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 13-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 15-20 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).