Yesterday afternoon the Illinois General Assembly passed a bill (SB2562) that would give Chicago the authority to create new Tax Increment Financing (TIF) districts near mass transit as a way to help fund improvements and new infrastructure projects at the Chicago Transit Authority. The bill, which had languished in committee, suddenly sprung to life following successful negotiations between the Assembly’s four leaders and Gov. Bruce Rauner on yesterday’s stopgap budget bill.
“This is a TIF omnibus bill,” explained one of the lead sponsors, State Rep. Barbara Flynn Currie (D-Chicago), on the floor yesterday. “It provides the opportunity in Chicago for the development of transit oriented development around various kinds of subway stations and elevated lines.”