The Emanuel administration is moving quickly to lock-in what could be $1.5 billion or more in tax increment financing to megaprojects such as Related Midwest’s The 78 (pictured) and Sterling Bay’s Lincoln Yards.
David Reifman, commissioner of the city’s Department of Planning & Development, told Crain’s Chicago Business he hopes to win final approval of the TIF agreements by May 2019, when Mayor Rahm Emanuel leaves office.
Reifman acknowledged that each of the large-scale projects will require spending city TIF funds to pay for infrastructure, at a time when TIF is controversial and many of Emanuel’s would-be successors want to revamp Chicago’s TIF program. “But the investment will more than pay for itself,” he told Crain’s.
“These are investments” in construction such as new roads and bridges, a Chicago Transit Authority station and so on, Reifman said. “These are not giveaways.”
Get to know us and Chicago’s commercial real estate elite at Connect Media’s Chicago launch event, scheduled for Nov. 8.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!