TIF district
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City Hopes to Use State Law Allowing Transit TIFs to Rebuild CTA Red Line
Mayor Rahm Emanuel's office has started crafting an ordinance that would activate a state law allowing the city to create "transit TIF districts" – officially called Transit Facility Improvement Areas – around four transit projects, according to the Chicago Tribune. Boundaries could be drawn up to a half mile around Chicago’s Union Station (to fund the improvements recommended in its master plan), the CTA’s North Side Main Line, the CTA’s Red Line extension to 130th, and the CTA’s Blue Line Congress branch modernization and possible extension.
August 11, 2016
New Type of TIF District Would Increase Funding for Transit Projects
A new bill that passed the Illinois Senate last week would create a new class of tax increment financing district that could only be created around Chicago transit stations and lines to capture the property value that being near transit generates. Most of the revenue generated by these TIFs would be earmarked to pay for construction of rapid transit lines, stations, and other transit-related facilities.
May 11, 2015