News is bouncing around the interwebs that there may be a new transit value capture mechanism enabled in Illinois. Well, it's not exactly new for Chicago to establish TIFs! TIF districts are a common tool and much maligned in Chicago. This time, the TIFs will be transit specific.
The Chicago-focused Metropolitan Planning Council is lobbying for SB277, a bill in the Illinois General Assembly. As they explain it, the bill would allow the City of Chicago to justify the establishment of a TIF district specifically because it's near transit. The accumulated incremental tax revenues would help fund transit capital improvements in the districts. Let's see how it plays out!
Ian Carlton is a transportation and land use expert specializing in transit-oriented development (TOD). He helps clients - including transit agencies, planning departments, and landowners - optimize real estate development around transit.
Special thanks to Burt Gregory at Mithun for permission to use the Portland Streetcar image above.