Mayor-elect Lori Lightfoot called on aldermen to delay a vote on proposed tax increment financing districts for Sterling Bay’s Lincoln Yards project and Related Midwest’s The 78, saying she has “major concerns” about the plans.
The City Council’s Finance Committee is set to hold a hearing on the proposed TIFs on Monday, but Lightfoot said aldermen should hold off on advancing the plans to the full City Council until they can undergo a more thorough review, according to Crain’s.
Citing a “deeply flawed process that has led us to this moment,” Lightfoot said a number of aspects of the two projects need more scrutiny. Those include their affordable housing components, use of minority and women-owned contractors, along with impact on density and traffic.
Outgoing Mayor Rahm Emanuel supports the two projects as well as the TIFs, which would divert a total of some $2.4 billion in future property tax revenue to pay for infrastructure improvements around the two developments.
If the finance committee defies Lightfoot and proceeds with a vote Monday, the full Council could approve the TIFs as early as this week. That would take the matter out of the hands of Lightfoot, who doesn’t take office until May 20.
If approved, the TIF districts would help Sterling Bay and Related Midwest develop projects totaling some $13 billion on opposite branches of the Chicago River. [Crain’s] — John O’Brien