DePaul arena TIF funds reallocated

The City of Chicago announced that the Tax Increment Financing (TIF) funding for the new DePaul arena will be reallocated to the Marriott hotel project, the Chicago Tribune reported.

Originally, $33 million in TIF funds would cover the arena land, but the McPier organization will now pay for the land.

The DePaul student group, the Contingent for an Alternatively Funded Arena (CAFA), campaigned against the use of those funds.

“I was still surprised to hear that TIF funds would not be used for the event center,” Francesco De Salvatore, a member of CAFA, said. “One of the demands that CAFA has insisted upon is that DePaul University not partake in a partnership that would be using TIF and public funding.”

Cynthia Lawson, DePaul’s vice president of public relations and communications said, “How the city of Chicago and MPEA finance their portion of the economic development project in the South Loop is theirs to determine.”

CAFA plan to meet later this week to discuss the news.