Ahead of a crucial full City Council vote Wednesday, city and Chicago Transit Authority officials detailed plans again on Monday to establish a new transit-oriented TIF along a northern section of the Red Line. The goal is to capture an approximately $1 billion federal grant to cover half the phase one cost of CTA’s Red and Purple Line Modernization Plan (RPM).
Monday’s City Council Finance Committee subject matter hearing was the second and final public hearing on the plan. Another Finance Committee hearing was held last Monday. The city, in conjunction with the CTA, has held 16 public hearings in impacted neighborhoods. No vote was taken at either Finance Committee meeting–the ordinance establishing these new 35-year TIFs will be directly introduced to the full City Council and subsequently voted on Wednesday. The TIF falls within a half mile radius of the CTA’s Red and Purple Line, from North Avenue to Devon Avenue.