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Wednesday, December 14, 2022

CBS Chicago: City council approves funding for CTA Red Line extension


[VIDEO] Here are a few more details from Crain's, this TIF was noted in a recent CTA video about the future extension from 95th Street to 130th Street.

The City Council on Wednesday approved the creation of a new tax-increment financing district to create $950 million over three decades to help pay for the $3.6 billion extension of the Chicago Transit Authority's Red Line from 95th Street south to 130th Street.

“Our community has been disconnected” from the city, said Ald. Anthony Beale, 9th, whose Far South Side ward will be home to much of the extended rail line. Beale, who’s a frequent critic of Mayor Lori Lightfoot, thanked the mayor for pushing for the TIF to support the project.

The new TIF will capture future property tax growth within portions of five wards—the 3rd, 4th, 11th, 25th and downtown 42nd—to pay for land acquisition and other costs involved in the project.

The 5.6-mile extension plan also includes four new stations to be located at 103rd Street, 111th Street, Michigan Avenue (between 115th and 116th streets) and a new 130th Street terminal.

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