(WBBM NEWSRADIO) -- Chicago aldermen have given preliminary approval for a plan using taxpayer financing to revitalize buildings along the downtown LaSalle Street corridor.
The City Council Finance Committee backed the use of Tax Increment Financing (TIF) money to fund grants of up to $5 million for businesses willing to help revamp the district.
The Lighftoot Administration hopes to attract more businesses and even housing developers to the corridor, which was devastated during the economic upheaval of the COVID-19 pandemic.
Committee chairman Scott Waguespack, 32nd Ward, calls the effort ground-breaking. But West Side Ald. Jason Ervin, 28th, noted the business district isn’t the only area suffering.
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