Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Emanuel Wants TIF Deals for Megaprojects
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.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
