Lincoln Yards

  • Community Development Commission 2/19/19 approval of Cortland/Chicago River TIF: complete audio

    20 February 2019

    Complete audio: The Community Development Commission's unanimous approval of the Cortland/Chicago River TIF district to finance the Lincoln Yards complex.

  • Back-to-back blessings loom for Lincoln Yards TIF district

    15 February 2019

    The city's Community Development Commission and Chicago Plan Commission will soon consider approval of the Cortland and Chicago River tax-increment financing district, surrounding Lincoln Yards.

  • Proposed ordinances define bits of Lincoln Yards, hedge on the rest

    8 February 2019

    Proposed city ordinances would turn plans for the Lincoln Yards development into law—but legally sidestep many of the details released to the public.

  • Proposed Lincoln Yards ordinances: statement summaries

    8 February 2019

    Statement summaries for the proposed Lincoln Yards North and Lincoln Yards South ordinances

  • City releases Lincoln Yards traffic study, triggers questions

    30 January 2019

    The city of Chicago released a massive report on traffic around the proposed Lincoln Yards development that contradicts details disclosed previously by the developer.

     

  • Facing Plan Commission, Ald. Hopkins tweets defense of Lincoln Yards rush

    23 January 2019

    Ald. Brian Hopkins (2nd) has used Twitter to respond to residents' and journalists' perceived fast-tracking of approval by the Chicago Plan Commission.

  • Local government reps green-light Cortland TIF despite public doubt

    13 January 2019

    A board of local officials gave the first governmental green light to the billion-dollar Cortland/Chicago River tax-increment financing district.

  • City: Lincoln Yards TIF expected to pay out $1.3 billion

    12 December 2018

    The city expects to pay out at least $1.3 billion in collected property taxes from the Cortland/Chicago River TIF district, according to a newly released report.

  • City board set to advance Lincoln Yards TIF district

    10 December 2018

    The city of Chicago's Community Development Commission is set to advance a tax-increment financing district surrounding the proposed Lincoln Yards development.

  • How did city reckon $800M for Lincoln Yards TIF?

    4 December 2018

    (Updated on 12 December 2018)

    Recently, one of our Facebook followers responded to my article on the origin of Lincoln Yards and the associated tax-increment financing (TIF) district, writing:

    "What is missing from publicly disclosed documents are estimates for the amount tax revenue that this project can be expected to generate over the 23-year (more if it's extended) life of the TIF . . . How much in property taxes beyond the estimated $800M for proposed infrastructure improvements that would go into a discretionary (slush) fund under the control of the mayor?"

    City infrastructure spending
    Chicago Dept. of Planning & Development estimates,
    totaling $700M, of infrastructure spending in the
    Cortland/Chicago River TIF district.
    Source: city of Chicago's 11/14/18 public meeting.

    The one thing—and the only thing—we know about the estimated tax revenue from publicly disclosed documents is the amount: $800 million. This figure comes from a FAQ sheet distributed by the Chicago Dept. of Planning and Development at its Nov. 14, 2018 public meeting on the Cortland/Chicago River TIF district.

    I think the writer's larger implication is correct: The city has not provided any material to show on what it based that estimate.

    Presumably, planning department analysts looked at the potential 23-year life of the proposed TIF district and did the following.

    1. Estimate the number, size, density, and uses of all the buildings that might get built.
    2. Assign an equalized assessed value (EAV) of all the properties identified in #1, for each year of the TIF district's life. Sum them over all the years.
    3. Identify the EAV of all the properties present at the TIF district's inception. Multiply that by the number of years of the TIF district's life.
    4. To get the total tax increment accumulated by the district, subtract #3 from #4 and multiply by the tax rate.
    LY land use
    Sterling Bay's 11/29/18 update of the proposed Lincoln
    Yards building layout. Source: Sterling Bay.

    The city hasn't disclosed any of that. Planning department officials did, however, show how they'd spend up to $700 million of the estimated total TIF take (see "Key Public Infrastructure Needs" above).

    Some clues about the calculations appear in the TIF district's redevelopment agreement—a document that planning officials said at the Nov. 14 meeting they'd release "in three weeks," but that the city's Web site revealed on Dec. 12.

    Another wrinkle: The Lincoln Yards development will comprise an estimated two-fifths of the TIF district. The developer of Lincoln Yards, Sterling Bay, has not made publicly available a detailed list of the projected number, size, density, and uses of all the buildings in Lincoln Yards. Though an enterprising researcher could extrapolate some (or much) of it from the aerial renderings that Sterling Bay's presented at a Nov. 29 public meeting, no one has tried . . . yet.

  • Lincoln Yards 11/29/18 public meeting: complete audio

    2 December 2018

    Complete audio recordings of the Lincoln Yards public meeting held on Thursday, Nov. 19, 2018, at 1001 N. Crosby St., Chicago.

  • Lincoln Yards TIF district's Amazon past and fast-track future

    30 November 2018

    The proposed Lincoln Yards development and the Cortland/Chicago River TIF district have a past rooted in the city's Amazon bid, and a future linked to a mayor's departure.

  • New TIF district would cover entire Lincoln Yards site

    14 November 2018

    The city of Chicago has proposed the Cortland/Chicago River tax-increment financing district, which will encircle all of the planned Lincoln Yards development along the Chicago River's North Branch.