Mayor Brandon Johnson introduced a revised $1.25 billion plan on Thursday, aimed at bolstering affordable housing and economic development in Chicago. Notable for its departure from reliance on TIF districts, the proposal allocates $250 million annually over five years to the Department of Planning and Development and the Department of Housing.
Mayor Brandon Johnson’s during press conference via Anthony Vazquez/Sun-Times
A significant aspect of the proposal involves the expiration of multiple TIF districts to support the bond. Additionally, projects exceeding $5 million would necessitate council approval, sparking discussions about the threshold’s rationale and its impact on project funding. While some council members suggested a lower threshold of $1 million for better oversight, others voiced support for the plan’s transparency and potential benefits.
Map of all TIF related projects from Chicago.gov
Despite ongoing scrutiny and discussions within the City Council, there seems to be support for the bond plan among council members. According to Joe Ferguson, president of the Civic Federation, the organization views the plan as a prudent strategy to address Chicago’s excessive dependence on TIF funds. “We are at a critical juncture regarding TIF funding and require prompt action,” Ferguson stated. While acknowledging TIF’s historical importance for economic development, Ferguson emphasized the need for reform, citing recent trends in fund utilization by the city, as reported by The Chicago Sun.
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My inference is the tax increment to the city from the expired TIFs will fund repayment of a bond issue. Is this correct? I’d like to see the numbers.
Time to take a look at up zoning in many neighborhoods. R-3 to R-4, please. Builders are ready for r-4 as a right to build- 3 flats!! Time to have programs where authorized builders can get incentives for affordable housing that does not have all the red tape and rules to make the construction costs astronomical! There are many commonsense solutions that can be worked out between the City- Developers/ Realtors and investors. Make it a we = not a us and them.
Amen!!!
It is beyond stupid how much of our city is currently zoned RS-3 or less.
Though I suppose I’m the fool for expecting this dumb-ass city to ever do anything intelligently.
What is never mentioned by those wanting to change R-3 to R-4 zoning is the something has to be destroyed to build newer–at least in most northside neighborhoods. Also, new 3 flats will never be more affordable than the two flat, or even three flat that is demolished.
I agree with BobH above. Property tax revenues, I assume, will fully fund the new munis? Providing some accounting (or where to find it) in this story would have a plus.
Greg. I totally agree we need to uozone to r4 at a minimum and r5 preferred for the height increase.
Chicagos burning up in flames