transit TIF district
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Transit TIF Districts Pass State House and Senate, Would Fund CTA Projects
A new bill that would generate more funding for four large-scale Chicago transit infrastructure projects, without diverting tax revenues from schools, passed the Illinois House and Senate today. The original bill was introduced in January 2015, spearheaded by the Metropolitan Planning Council. It awaits Governor Bruce Rauner's signature, who is expected to sign a budget today after a year of operating the state without a budget for a year – reducing funding for transit agencies, schools, and social services.
June 30, 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