A city planning board this week is set to advance a special taxing district surrounding the proposed Lincoln Yards development.
The city of Chicago's Community Development Commission has published the agenda for its Dec. 11, 2018 meeting—at which it will address the city's proposed Cortland/Chicago River tax-increment financing (TIF) district.
According to the agenda, staff of the city's planning department will introduce the TIF district's "eligibility study and redevelopment plan to the commission for their review."
Timeline presented by city officials at the Nov. 14 meeting on the
Cortland/Chicago River TIF district. Source: city of Chicago.
The agenda states that the commission will "set dates for a public meeting of the Joint Review Board and the public hearing," which are the city's standard approval points for a proposed TIF district.
Further, the agenda says, "There will be no staff presentation or commissioner questions at this meeting. The appropriate venue for the staff presentation, commissioner questions and public comment is the public hearing."
According to a timeline released in November by the planning department, it plans that the commission will hold a public hearing on the TIF district in February, 2019.
The Lincoln Yards development will comprise an estimated two-fifths of the TIF district. The city estimates that the TIF district, which will cover 168 acres along the Chicago River's North Branch, will divert $800 million in property taxes to fund streets, bridges, water lines, and lighting in the area.
