DePaulia
The
Volume #103 | Issue #16 | Feb. 18, 2019 | depauliaonline.com
Rahm’s legacy or taxpayer boondoggle? Activists, aldermen question financing Lincoln Yards with funds for ‘blighted’ communities development. For taxpayer money to come in, and eventually pay the investor back, the area needs the development of its own TIF Opinions Editor & Contributing Writers district. According to a Chicago Department of Housing and Development document, the City officials and investors are confident “Cortland/Chicago River TIF” as it has been in the $5 billion Lincoln Yards development, named, would be a 168 acre-designation, a mere mile away from DePaul’s Lincoln housed within Chicago’s 2nd Ward. Park campus, and its ambitious vision of a By state law, the TIF money is supposed huge new commercial and residential hub to be earmarked for “blighted” communities. in the neighborhood. But activists — and Recent projects that qualified include some aldermen — question the use of city a new Whole Foods in Englewood and a financing meant for blighted neighborhoods Walmart in Pullman. But other projects, and worry that the project is being pushed including the Marriott Hotel adjacent to too quickly without plans for adequate DePaul’s new Wintrust Arena and the affordable housing. Navy Pier redevelopment, have drawn The development, which stretches the criticism from some activists who believe Clybourn-Cortland-Elston area along the the money would be better spent in poorer Chicago River, will rely on Tax Incremental neighborhoods. Likewise, the Lincoln Financing (TIF), a form of taxation that Yards project would be built in one of the promotes investment in infrastructure with wealthiest areas in Chicago. Lincoln Park the intent that funds accumulated from its had the second highest average income per amenities will go back into the community. capita in 2014, according to data released by In a designated TIF district, property taxes the City of Chicago. resulting from higher real estate values Chicago Tribune architecture critic Blair are kept in a separate fund for public Kamin has another concern: the project improvements — dispersed at the discretion could siphon money from schools and other of the mayor — instead of being spent on vital city departments. schools and other city services. Lincoln Yards “Because of the added increment, the will be the largest and most expensive TIF added funds, that is generated won’t be project the city has ever seen, and the money going to public schools or other general raised will build infrastructure to benefit a taxing bodies, that puts a greater burden on private developer: Chicago real estate giant homeowners in Chicago, in other words, Sterling Bay. that may cause a rise in property taxes,” Mayor Rahm Emanuel is energized by Kamin said. “That’s the kind of trade-off the prospect of implementing this large of an here. Rahm Emanuel is promising economic endeavor to make improvements along the development and jobs and all those things river, something that has been a big part of and those are all good. But there’s also a his time as mayor, he says. “There’s a person potential cost here, and that is what really willing to invest $5 billion, create 20-some- needs to be debated, and it’s not the kind of odd-thousand jobs. That doesn’t come debate we should be having in a quick snap.” around all the time. Other critics In a land that, if you EDITORIAL: Lincoln Yards worry about a lack don’t do it, will stay foul is not the legacy Emanuel of affordable housing for a period of time,” at the proposed should desire. Emanuel said. development, As the site sits See Opinions, page 12 including less than a mile away 46th Ward Ald. from the Lincoln Park James Cappleman, campus, the DePaul community might be the new chairman of the Chicago City affected by the development. The process Council’s zoning committee. Of the 6,000 will begin by addressing infrastructure housing units planned for Lincoln Yards, in the area, specifically the traffic-heavy only about 300 are slated for lower-income intersections between Ashland and Racine. residents. According to Kamin, Cappleman Students and faculty will find difficulty has made it clear he wants more affordable commuting to campus if they live near the housing within the TIF district before the site. Rent prices will also increase to satisfy plan gets final City Council approval. the higher property taxes to compensate According to the official TIF proposal, for the TIF money. Students are not the Lincoln Yards “qualifies under the applicable lone suffers of the increase in rent prices — criteria” based on the 13 factors that are mom-and-pop businesses could be affected See LINCOLN YARDS, page 4 by the multiple storefronts planned in the
By Mackenzie Murtaugh, Brita Hunegs, Luke Murphy, Madeline Cruz & Hailey Hinton
MARLEE CHLYSTEK | THE DEPAULIA