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Chicago Sun-Times

National

Fran Spielman

Johnson’s plan to declare record $434M TIF surplus threatens plans to transform LaSalle Street office buildings into residential use, City Council members say

Bill Conway City Council TIF LaSalle Street Brendan Reilly Brandon Johnson Brendan Reilly 42nd Lori Lightfoot

Alderpersons Bill Conway (34th) and Brendan Reilly (42nd) sounded the alarm about the future of the city’s “LaSalle Street Reimagined” plan during Wednesday’s budget hearing. (Tyler LaRiviere / Sun-Times)

Mayor Brandon Johnson’s plan to use a record tax increment financing (TIF) surplus threatens to deprive developers of the subsidies they need to transform LaSalle Street office buildings into residential use, downtown City Council members warned Wednesday.

Alderpersons Bill Conway (34^th) and Brendan Reilly (42^nd) sounded the alarm about the future of the city’s “LaSalle Street Reimagined” plan during Wednesday’s budget hearing.

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