“In our very first meeting, as well as in subsequent discussions, I made it very clear to this mayor-elect that I wouldn’t proceed on these projects if she wished to postpone the procedure. While I believe in the worth of these projects to the town I delay the vote and will respect my commitment. I am hopeful that under the mayor-elect’s leadership of this new City Council those essential projects will proceed and bring the kind of investment and job development that has been a part of the previous eight decades.”
40th Ward Alderman Pat O’Connor and finance Committee Chairman , nevertheless agreed to hear testimony regarding the proposed TIF districts for Lincoln Yards and The 78, however defer the votes morning before the regularly scheduled meeting of the Chicago City Council. The date is still before a growing number of anti-TIF aldermen and also Mayor-elect Lightfoot have been set to take office.
Cheers participates in City Hall on the news the procedure on Lincoln Yards wills slow down. Today, no vote.
As proposed, real estate taxes would freeze and repay the developers for fronting the costs of infrastructure developments together with the tax revenue.
Reilly:”If this is truly a fantastic deal, why wouldn’t it be a great deal next month?”
Regardless of Emanuel’s declaration, Monday’s City Hall meeting began beneath a cloud of uncertainty after Alderman Brian Hopkins, whose 2nd Ward comprises the Lincoln Yards job, told reporters that he still anticipated the votes to happen now and the steps to maneuver.
Moments before Monday’s assembly was set to begin, departing Mayor Rahm Emanuel issued a formal statement saying he’d honor his successor desire to push the vote back:
The 78 and Lincoln Yards respectively acquired zoning approval from the city and this spring. Two places of votes from the Finance Committee and the entire City Council stay.
Lawmakers will have more time to review the tax increment Funding for the riverfront megadevelopments
A Great Deal of questions here in City Hall 78 TIFs, over Lincoln Yards. Mayor Emanuel has predicted to delay voting. Brian Hopkins says that he anticipates committee will probably vote and believes the votes are there to pass them. Meeting has not started yet.
Even the 78, Related Midwest’s Near South Side megadevelopment, would be encouraged by $700 million by the newest Roosevelt/Clark TIF district to build streets, move a pair of Metra tracks running through the site, and build a new $300 million CTA Red Line metro station at the southwest corner of Clark and 15th streets.
Reifman: the mayor will honor the wishes of Lightfoot with this undertaking and delay it.
— The Daily Line (@thedailylinechi) April 8, 2019