February 21, 2019
Chicago’s Community Development Commission voted unanimously to support the creation of a Tax Increment Financing (TIF) district that would include Sterling Bay’s Lincoln Yards project. The thumbs-up brings the developer closer to scoring up to $1.3 billion in public funds to create new infrastructure around the North Side site.
If the full City Council follows suit on approving the TIF district and the Lincoln Yards project, then Sterling Bay could receive as much as $900 million in TIF funds toward new roads, bridges and public transportation on and around the Lincoln Yards site. The city also could provide up to $400 million in tax-exempt bonds or notes.
The Chicago Tribune reported that similar to Amazon’s now-scrapped plan to build a campus in New York’s Long Island City neighborhood, Lincoln Yards has become a hot-button issue among candidates in aldermanic races, and the upcoming election of outgoing mayor Rahm Emanuel’s successor.
For comments, questions or concerns, please contact Paul Bubny