(WBBM NEWSRADIO) -- Mayor Lightfoot urged Chicago aldermen to support her plan to create a new Tax-Increment Financing district that would help bankroll the long-discussed extension of the CTA Red Line on the Far South Side.
The $3.6 billion project would create four new stations south of 95th Street, but funding remains a challenge.
“This project will connect residents to jobs, education, commerce while serving as a catalyst for economic development,” Lightfoot said at a news conference Wednesday.
Under the mayor’s proposal, TIF revenues would generate nearly $1 billion for the extension by using property tax growth along the Red Line corridor emanating from the Loop southward.
The TIF measure would need final approval from aldermen. Lightfoot notes there is precedent for using TIFs to finance CTA expansion.
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