Tag

Tax Increment Financing

All articles tagged with #tax increment financing

real-estate1 year ago•1 min saved

"Chicago Mayor Secures $150M for LaSalle Street Office Building Conversions"

Chicago Mayor Brandon Johnson is moving forward with the LaSalle Street Reimagined Initiative, originally proposed by former Mayor Lori Lightfoot, to convert four downtown office buildings into apartments, with at least 30% designated as affordable housing. The initiative aims to repurpose vacant space, attract new investment, and revitalize the central business district, with approximately $150 million in tax increment financing allocated for the renovations. While proponents see this as a positive step, some question the use of taxpayer dollars for downtown restoration. The plan requires approval from the City Council and other committees.

via WLS-TV|

#chicago #lasalle-street-reimagined-initiative #mayor-brandon-johnson

urban-development2 years ago•7 min saved

"Baltimore Mayor Unveils $3 Billion Plan to Revitalize Vacant Properties"

Baltimore Mayor Brandon Scott is set to unveil a $3 billion plan to address the city's vacant properties, utilizing a mix of public and private financing over 15 years. The proposal includes a newly created Tax Increment Financing zone and a request for a $900 million state investment. The plan aims to rehabilitate 35,000 vacant properties, with $300 million coming directly from Baltimore through borrowing and TIF bonds. Private investment of $300 million is also expected. The plan faces challenges in securing state funding and critics argue that Tax Increment Financing may not effectively stimulate broader revitalization. The proposal also includes property tax relief and aims to reduce the city's total number of vacant properties.

via Baltimore Sun|

#baltimore #funding #rehabilitation

real-estate2 years ago•5 min saved

Chicago Mayor selects three LaSalle Street projects for apartment conversions.

City officials have selected three projects totaling 1,000 apartments to revive the LaSalle Street business district by providing subsidies to developers that convert office buildings there into mixed-income housing. The developers of the projects are seeking a combined $188 million in tax-increment financing from the city, money they say they need to make the developments financially feasible. In return, the developers would set aside nearly 320 apartments for low- and moderate-income renters. The initiative, known as LaSalle Reimagined, aims to bring more affordable housing to the Loop and create new energy in the central Loop.

via Crain's Chicago Business|

#affordable-housing #chicago #lasalle-reimagined