Photo Credit: Sterling Bay
Megadevelopments Lincoln Yards and 78 fates are now in the hands of the Chicago City Council. Both tax-increment financing districts will receive as much as $2.4 billion in public money.
The approval for the proposed TIF districts came yesterday to finance infrastructure projects. Sterling Bay’s Lincoln Yards project will cost approximately $6 billion and will be located along the Branch of the Chicago River. Related Midwest’s project will cost approximately $7 billion for a mixed-use campus between Roosevelt Road and Chinatown.
The 78 has made more progress than Lincoln Yards so far. The 78 won City Council zoning approval last year. Lincoln Yards on the other hand, still needs approval from the City Council’s Zoning Committee and full City Council.
Of course, there is still opposition. Some members of the Plan Commission were not in agreeance with the majority. To be specific, Linda Searl and Alderman Tom Tunney did not completely agree.
Searl believes the projects should be broken down into individual projects, then proposed to the Plan Commission one by one. Her reasoning for this is because of the complexity of these projects being megadevelopments.
Both developers for these projects are in a time crunch to have everything approved before Mayor Rahm Emanuel leaves office this May. Rahm Emanuel is a big supporter of both projects.
There are still hurdles that both development agencies must overcome in the upcoming weeks and months. We will keep you updated as more information becomes available. Be sure to check back, as we update our blogs weekly with new information on developments in Chicago.