On August 28, Mayor Emanuel had one of his infamous “Oh happy day” press conferences, proclaiming great news for the south side.
Or as the Chicago Tribune—in a burst of goodwill for the mayor—put it: “For Emanuel, the move fits into a broader strategy of trying to leverage valuable real estate assets to create economic development in some of the city’s struggling neighborhoods.”
The motor vehicle facility—which stores most of the city’s garbage trucks—is squeezed between Wicker Park and Lincoln Park on the banks of the Chicago River.
Just to remind you, a tax increment financing district is an area designated by the city in which property tax dollars that would otherwise go to the schools and other taxing bodies are frozen for up to 24 years. As land in the district increases in value, the higher taxes paid by property owners get funneled to TIF bank accounts instead. The mayor can spend the money on almost anything he wants.
So now the mayor’s flipped the whole thing, with the north side getting housing and retail and the south side getting garbage trucks.
My guess is that the asking price on the north side will be cut to cover the costs of building the south-side facility. So some lucky developer will be getting prime real estate at bargain-basement costs.
