Quit promising taxpayers’ money to North Side Lincoln Yards developer
Every Chicago taxpayer should be calling on our mayor and aldermen to delay the proposed tax increment financing (TIF) district along the North Branch of the Chicago River. This TIF would finance at least $800 million of mostly transit-related infrastructure in and around Lincoln Yards, a 70-acre, $5 billion development still in its conceptual phase. According to the city’s Department of Planning and Development, the projects would be “frontfunded” by the Lincoln Yards developer, Sterling Bay, who would be reimbursed, with interest, by the TIF.
There is only one reason why Sterling Bay would agree to front-fund these projects: they will be good for Lincoln Yards! As such, Sterling Bay would probably be willing to pay for many, even most, of them without the promise of taxpayer reimbursement. Efforts to approve the new TIF before Sterling Bay has finalized its plans are a thinly disguised attempt by the mayor and Ald. Brian Hopkins (2nd) to defray Sterling Bay’s costs.
The key questions are: What infrastructure is Sterling Bay willing to privately finance? What roads would they build on their own? Will they support the 24-acre public park proposed by the North Branch Park Preserve Coalition?
Please urge the mayor, Hopkins and your alderman to put this TIF proposal on hold until Sterling Bay has put its cards on the table. Our elected officials should be trying to get the best possible deal for taxpayers, not padding developers’ profits. After we’ve seen Sterling Bay’s plans and commitments, we can consider public financing for infrastructure improvements. Delay the TIF!
Mark A. Faasse, Roscoe Village