Importance of Advertising
The way to redevelop vacant land in disinvested, blighted neighborhoods is to connect them to vacant land adjacent to the Loop, in new job centers like Lincoln Yards and the River District, with public transit. This way people who work in the new job centers in the SuperLoop can find affordable homes in Chicago. This way they will pay property taxes in Chicago instead of Northbrook.
Keep the money circulating in Chicago. This is what tax increments should be spent on. This is how we redevelop vacant trophy property and vacant lots at the same time. This is how tax increments can be used to spur redevelopment broadly, across the face of Chicago.
The reason you get a lot out of a TIF in Lincoln Park is objective proof that the TIF was unnecessary in the first place.
We need property taxes to pay for the services new developments demand. Without them the city will lose money every year for the next 23 years. This is how cities go broke.
Why do we need a bridge that connects Lincoln Yards North to Lincoln Yards South?
Why are we letting Sterling Bay dictate how TIF funded infrastructure improvements are prioritized? The future of transportation in Chicago is more transit and fewer cars. We don't need street improvements that only make it easier to commute home to the suburbs. We need transit that makes it easier to live in the city, not get out of the city. Transit that reduces traffic by getting people out of their cars and off the streets.
Once the TIF is built out with +22,000,000 sf of new development traffic congestion will be worse. These bridges and street improvements are designed as a back door for drivers coming and going to Lincoln Yards. Everyone else will be sitting in worse traffic. There is nothing unusual about developers building the infrastructure they need to cash in on the zoning entitlements they demand, then dedicating it to the public. This is how it works in solvent cities.
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