TIF money coming for two projects
April 5, 2012

Lawmakers approved tax increment financing (TIF) for the central Loop bus and rapid transit project, which will acquire property for the Union Station Transportation Center; improve transit on sections of Canal, Clinton, Washington, and Madison streets; and make improvements for cyclists on these streets and on Randolph Street.

Alderman Robert Fioretti (2nd) announced the federal government will match $7,342,500 of the project’s funding to pay for engineering, construction, and Transportation Center property acquisition.

“This project will improve speed and reliability for users of the downtown segments of a great number of bus routes and encourage access to Navy Pier, Millenium Park, the Near East Side, and Streeterville through combined Metra-CTA trips rather than by car,” Fioretti said. “It will also improve bicycle facilities in the Loop.”

Fioretti also secured $250,000 of TIF funding for phase two improvements to Claremont Playlot Park, located at 2334 W. Flournoy St. Officials will combined the TIF money with a $70,000 Kohl’s/Children’s Memorial grant to buy park equipment based on community input.

For more information, call (312) 263-9273