Chicago: New TIF Districts May Greenlight Belmont Flyover, Other Transit Projects

[marmar]

IL: New TIF Districts May Greenlight Belmont Flyover, Other Transit Projects

Mary Wisniewski On Jul 7, 2016
Source: McClatchy


July 07--New legislation that will allow the city of Chicago to create special taxing districts to pay for rail projects should greenlight the CTA's massive Red-Purple Line modernization project, which includes the controversial flyover north of Belmont station.

That's because revenue generated as a result of the legislation will create a pool of local matching funds needed to release federal dollars for the project, which would create a bypass carrying Brown Line trains over Red and Purple Line trains. Until now, the planned flyover and other major transit projects hadn't gotten off the ground because of state budget problems.

Last week's passage of the bill, which Gov. Bruce Rauner's office said he will sign, came as a relief to public officials and transit advocates, who have been agonizing over the lack of matching funds and the risk of leaving federal transit money on the table. It also handed Mayor Rahm Emanuel a victory in a time of rising crime and other civic problems.

"The good news is we have a match, and this taps the federal dollars which we had no way to get otherwise," Emanuel said in a telephone interview. He said he has booked a trip to Washington, D.C., next week to meet with Secretary of Transportation Anthony Foxx about transit funding. ................(more)

http://www.masstransitmag.com/news/12229252/new-tif-districts-may-greenlight-belmont-flyover-other-transit-projects