A proposal to use property tax revenue to fund the $3.6 billion extension of the CTA’s Red Line from 95th Street to the city’s southern border near 130th Street advanced Monday.
A proposal backed by Mayor Lori Lightfoot to use property tax revenue generated downtown to fund the $3.6 billion extension of the CTA’s Red Line from 95th Street to the city’s southern border near 130th Street advanced Monday.The Chicago City Council’s Finance Committee endorsed Lightfoot’s plan 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 first envisioned by former Mayor Richard J. Daley in the 1950s.
Ald. Nicole Lee said she also heard from residents of her ward, which includes Bridgeport, that they did not want to see their taxes used on the Far South Side. 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.
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