tax increment financing

Chicago City Council approved $424 million in public financing for infrastructure around the new Fire Stadium at The 78 development. The funding includes $174 million for utilities and roadways and $250 million for a city-owned parking garage and plaza. Aldermen expressed divided opinions, with some opposing the use of tax increment financing for the parking facility.

Ron Jacobs criticizes Donald Sinex's proposal to build an Amazon warehouse in Burlington's former Macy's building, citing his role in the failed CityPlace mall project and concerns about traffic, taxpayer burden, and Amazon's corporate practices.

The Alexandria City Council approved a $135 million plan to redevelop the former Old Town power plant into a 2.5 million square foot mixed-use site with housing, restaurants, and parks. The HPR Group, which purchased the site in 2020, will develop it with public infrastructure support, though some residents have concerns about demolition and traffic.

Susana Mendoza, a mayoral challenger in Chicago, pledged to address the city's $36 billion pension crisis using her experience as state comptroller. She criticized Mayor Brandon Johnson's budget practices, including borrowing to cover back pay and using tax increment financing for schools and teacher contracts, and advocated for cost-cutting measures and difficult negotiations with unions to stabilize finances.

Foundry Park, a mixed-use development in the former Lincoln Yards site, may receive $202 million in public funding through tax increment financing for infrastructure like roads and parks. JDL Development and Kayne Anderson Real Estate will negotiate a redevelopment agreement, with the project focusing on housing, retail, and reduced office space compared to the original plan.