Community Development Commission OKs $900 million TIF for Lincoln Yards

The Community Development Commission on Tuesday unanimously approved the largest tax-increment-financing subsidy in Chicago history - $900 million - to unlock the development potential of the $6 billion Lincoln Yards development.

Ignoring demands to hold off until after the inauguration of Mayor Rahm Emanuel's successor, the panel of mayoral appointees agreed to create a new, 168-acre TIF; the proceeds will be used to reimburse developer Sterling Bay for a host of infrastructure projects.

They include: untangling the notoriously congested intersection at Armitage, Ashland and Elston; a new Metra station; an extension of the wildly-popular 606 trail; new bridges over the Chicago River and a possible light-rail transit connection from the site, along the Chicago River, to downtown commuter rail stations.

Local Alderman Brian Hopkins (2nd) used that menu of improvements to answer the question he has been asked repeatedly in recent months: "What's the rush?"

"We need traffic and transit improvements in the neighborhood I represent today. We need three new bridges over the Chicago River to accommodate the existing traffic conditions today. We can't afford another delay," Hopkins said.

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