Mayor Johnson's budget reclaims hundreds of millions set aside in TIF funds, potentially imperiling projects in the works to begin reimagining LaSalle Street.
It’s time for Brandon Johnson to say whether or not he supports the redevelopment of LaSalle Street. The mayor’s first budget suggests he doesn’t. But he and his administration have yet to provide badly needed clarity on that question. The issue: The mayor reclaimed $434 million in money stashed in tax-increment financing districts to balance his budget, by far the single biggest source he used to try to fill a $538 million gap for the coming fiscal year.
Transforming a street that once epitomized Chicago’s brawny financial status into a mix of uses, including residences, hotels and perhaps retail in the future could spawn more development around it and keep the Loop vital for generations to come.
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