Staff | Chicago Curbed
Amidst the ongoing conversation about tax increment financing (TIF) and recent pushes for transit-oriented development in Chicago comes welcome news from the Illinois Senate, Streetsblog Chicago reports.
Last week the Illinois Senate passed a new bill, SB0277, which will allow Chicago City Council to create new transit-focused TIF districts within a half-mile of a handful of major transit projects currently or soon-to-be underway, including the CTA’s Red and Purple Modernization, the South Red Line Extension, the Blue Line’s Forest Park Modernization, and the Union Station Master Plan project.
Transit TIFs will work as property values increase in areas adjacent to existing or planned transit facilities. Additional tax revenue generated in these areas, above a certain level, will be set aside for transit TIF projects, which will continue to focus on modernization and improvement, consequently further increasing surrounding property values. Read more