Chicago aldermen OK $2.4M in tax subsidies for developers of Lincoln Yards, ‘The 78’
Photo Courtesy of Sterling Bay
The proposed Lincoln Yards development will sit on 50 acres of riverfront property on the Northwest Side. The site will be home to a transportation hub, retail shops, office space, public parks and residential units.
The Chicago City Council has approved $2.4 billion in tax subsidies for two major developments after Mayor-elect Lori Lightfoot said she would drop her opposition.
Aldermen voted Wednesday morning on the packages. An earlier vote was delayed when Lightfoot said she wanted to review the tax packages. Lightfoot said late Tuesday that the developers had agreed to increase the amount of construction work going to minority and women-owned firms. She says she’s going to closely monitor the deals going forward.
Protesters gathered at City Hall chanting against the deals. Critics have said the projects are in prosperous parts of Chicago and developers should pay for infrastructure improvements, not taxpayers.
Current Mayor Rahm Emanuel said after the vote that the tax subsidies are “investments in the future.”
