CHICAGO (WBBM NEWSRADIO) — The Chicago City Council’s Finance Committee has overwhelmingly approved Tax Increment Financing to help extend the Chicago Transit Authority’s (CTA) Red Line south.
CTA President Dorval Carter asked for the City Council’s help and got it. After the Finance Committee's approval, a proposal to create a TIF District that’ll raise over $950 million to help pay the $3.6 billion needed to extend the Red Line from 95th Street to 130th Street.
The Red Line extension to the Far South Side was long overdue, Carter said.
We have an opportunity here, with this project, to correct what has been a decade of wrongdoing to this community,”
Hyde Park Ald. Pat Dowell (3rd Ward) was one of the two “no” votes, though, because the money will come from her TIF District and a few others.
She said the entire city should carry the financial burden — not just five wards.
Far South Side Ald. Anthony Beale (9th) didn’t like the financing either but said he was thinking of black- and female-owned businesses getting contracts. He said 98% of the extension is in his ward.
The plan now goes to the full City Council.
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