Mayor Lori Lightfoot formally introduced a proposal to the Chicago City Council to create a new tax-increment financing district along the southern branch of the CTA Red Line to fund the extension of the train line.
The Chicago City Council could vote by the end of the year to approve the proposal, which would generate $950 million for the project by funneling a portion of the increase in property tax revenues for the next 35 years from the 42nd, 3rd, 4th, 11th and 25th wards — even though the extension of the train line would be miles away from any of those wards.
Ald. Pat Dowell , an ally of the mayor and chair of the City Council’s Budget Committee, told the members of the Community Development Commission in October that the “jury was still out” on whether she would support the proposal but would continue to discuss the issue with Lightfoot's administration.
CTA officials have defended the plan by saying the extension will benefit the entire city — not just the Far South Side — by allowing people to get to work in the Loop 30 minutes faster while reducing carbon emissions from cars. “What I’ve heard is, ‘hey, we did this for the North Side, without any hesitation, without any concerns,’” said Lightfoot, who is running for a second term as mayor. “Let’s do it for the South Side. Let’s do it for these communities that have been disconnected from rail service for forever.”
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