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Old Posted May 12, 2006, 5:03 PM
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Cool CHICAGO | General Developments

Interesting. The whole principal of a TIF is to provide dollars for improvements to spur development that will raise the tax base of an “under-developed” area. The whole idea of raising the tax base is that the services that use the tax money will benefit in the long run (after the TIF bond is repaid) from the increased tax revenue. Its not supposed to be a development piggy bank. If you keep using TIF dollars to spur more development and never put the incremental tax money generated into the general pool, what good is the development?

Sure, you have a bunch of shiny new buildings and stuff, but no one benefits from those extra tax dollars except for the developers and contractors that keep getting the construction jobs to do more of it. That was never the intention of TIF financing.
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Old Posted May 12, 2006, 5:56 PM
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I agree, you definitely some sort of TIF district in certain areas of the CBD and other areas to keep spurring development, after all, if nothing else, it does create high paying construction and engineering jobs. But you must let each district run its course and return the incremental funds to their rightful place in the general tax fund. I think the compromise mentioned is the fair and reasonable thing to do. It won’t make everyone happy, but nothing ever does.

I also agree that using TIF dollars to fund things like parks is a bit shaky as that spending isn’t nearly as highly scrutinized as spending those dollars out of the general fund would be. But in the end, its still coming from tax dollars, no matter how you want to slice it. More accountability and review of TIF projects is probably in order.
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  #3  
Old Posted May 16, 2006, 1:15 AM
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Originally Posted by Lukecuj
Greedy Bastards...

one point though, if they do get a big payoff, all the proceeds should be earmared for the Chicago region. No way should this be used to widen i55 from
Springfield to St Louis . or any other bullshit down state project.
---------------------------------------------------------------
Lawmakers want to earmark tollway lease money

By John Biemer
Tribune staff reporter
Published May 15, 2006, 3:12 PM CDT


Responding to talk in Springfield of leasing the Illinois tollway to a private company for billions of dollars, two Republican suburban state senators said today the bulk of any such money should be committed to counties traversed by toll roads.

Senators Kirk Dillard (R-Hinsdale) and Peter Roskam (R-Wheaton) said it would be a "disaster for suburban taxpayers and communities" if the process is politicized and the money—estimated at more than $14 billion—is allocated disproportionately to the city of Chicago.
Dillard and Roskam introduced legislation earlier this month requiring that 66 percent of the lease price be used for projects or purposes benefiting counties traversed by tollways.
"During the gubernatorial campaign we need to watch Gov. Blagojevich very closely," Dillard said outside the tollway's Downers Grove headquarters. "Suburbanites should be outraged that decades of their nickels and dimes might be used to bail out Chicago Public Schools, especially since no tollway runs through the city of Chicago."

State Sen. Jeff Schoenberg (D-Evanston), who heads appropriations and revenue forecasting panels, has floated the idea of privatizing state toll roads. His idea came after Mayor Richard Daley's 99-year, $1 billion lease with a private firm to run the Chicago Skyway and collect tolls there.

Roskam is running in the west suburban 6th District to succeed retiring U.S. Rep. Henry Hyde (R-Ill.), and today's event was organized by his campaign. The National Republican Congressional Committee has advised its candidates to focus on local issues.
Typical suburban republicans. Its not 'decades of nickels and dimes' from suburbanites that creates the 14 billion from leasing the toll road, what a total load of bull shit. The 14 billion will come from a PRIVATE firm interested in purchasing the roadway. The 'decades of nickels and dimes' have only paid for road improvements on the tollway system and the construction of the extreamly wastefull tollway authority headquaters in Downer's Grove. I agree a leasing deal should be used to bennifit the Chicago region, but to oppose the use of these new funds to help a broken school system, which the suburbs have helped create is disgustingly selfish. True, no toll road under the management of the tollway authority exists within Chicago's city limits, but hello, most of the roads LEAD INTO THE CITY, and would not exist without the city serving as the the hub of the regional spoke expressway system.

And you know what, many of the regional tollyway miles are in Cook County anyway (I-90, I-94 Edens Spur, I-294, section of I-355 extension), so thier point doesn't really make any sense. Just stirring up the me, me, me attitude among suburban constituants that the big bad city is out to rob them of thier precoius nickels and dimes. Doesn't really suprise me though, this is the typical attitude I expect from DuPage County.

Last edited by Chicago Shawn; May 16, 2006 at 1:38 AM.
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Old Posted May 16, 2006, 3:26 AM
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Quote:
Originally Posted by Chicago Shawn
Typical suburban republicans. Its not 'decades of nickels and dimes' from suburbanites that creates the 14 billion from leasing the toll road, what a total load of bull shit. The 14 billion will come from a PRIVATE firm interested in purchasing the roadway. The 'decades of nickels and dimes' have only paid for road improvements on the tollway system and the construction of the extreamly wastefull tollway authority headquaters in Downer's Grove. I agree a leasing deal should be used to bennifit the Chicago region, but to oppose the use of these new funds to help a broken school system, which the suburbs have helped create is disgustingly selfish. True, no toll road under the management of the tollway authority exists within Chicago's city limits, but hello, most of the roads LEAD INTO THE CITY, and would not exist without the city serving as the the hub of the regional spoke expressway system.

And you know what, many of the regional tollyway miles are in Cook County anyway (I-90, I-94 Edens Spur, I-294, section of I-355 extension), so thier point doesn't really make any sense. Just stirring up the me, me, me attitude among suburban constituants that the big bad city is out to rob them of thier precoius nickels and dimes. Doesn't really suprise me though, this is the typical attitude I expect from DuPage County.
Not to mention when we city folk are unfortunate enough to have to drive out there and use a tollway, we pay twice as much in tolls because we don't have an IPASS.
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  #5  
Old Posted May 16, 2006, 5:05 AM
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Quote:
Originally Posted by Chicago Shawn
Typical suburban republicans. Its not 'decades of nickels and dimes' from suburbanites that creates the 14 billion from leasing the toll road, what a total load of bull shit. The 14 billion will come from a PRIVATE firm interested in purchasing the roadway. The 'decades of nickels and dimes' have only paid for road improvements on the tollway system and the construction of the extreamly wastefull tollway authority headquaters in Downer's Grove. I agree a leasing deal should be used to bennifit the Chicago region, but to oppose the use of these new funds to help a broken school system, which the suburbs have helped create is disgustingly selfish. True, no toll road under the management of the tollway authority exists within Chicago's city limits, but hello, most of the roads LEAD INTO THE CITY, and would not exist without the city serving as the the hub of the regional spoke expressway system.

And you know what, many of the regional tollyway miles are in Cook County anyway (I-90, I-94 Edens Spur, I-294, section of I-355 extension), so thier point doesn't really make any sense. Just stirring up the me, me, me attitude among suburban constituants that the big bad city is out to rob them of thier precoius nickels and dimes. Doesn't really suprise me though, this is the typical attitude I expect from DuPage County.
neither 355 or 294 lead into the city, if anything they help people aviod driving through the city, which is convienant when you're going from a far west burb to a far north burb. and even though those people with out Ipass may have ot pay the occasional double amount, paying $.80 to $2 a day in tolls adds up over time and I don't think its unreasonable for people paying into the system to want the profits from leasing of the system to go into expansion (355 to 80 or 355 to 294) and to benefit them personally. hoenstly I can see this from either side, many users of the tollway aren't driving into the city and rather are commuting between different surburbs, and both sides are benefitting from each other in different ways.
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Old Posted May 16, 2006, 7:07 AM
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Quote:
Originally Posted by Lukecuj
"Suburbanites should be outraged that decades of their nickels and dimes might be used to bail out Chicago Public Schools, especially since no tollway runs through the city of Chicago."
It looks like I-294 passes through Chicago City limits to me, even if it's only for about a block across the strip that connects O'Hare to the rest of the city.

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Old Posted May 16, 2006, 1:21 PM
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Good idea for a thread Lukecuj! I had no idea how many development issues were not being discussed. As long as it is not repeating anything from the superb Over 12 stories/Under 12 stories threads and the general Chicago Transportation thread then..Rock on!

I agree in general that the money should be spent Regionally.. but this region has a poor track record for cooperation.

BTW. What did Chicago do with the money from leasing the Chicago Skyway? I doubt that it went into regional road funds. The best we can hope for is that it actually went into Chicago infrastructure programs. But more likely it is being used to pay for pensions and health care for city workers.
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Old Posted May 16, 2006, 5:29 PM
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Wonder how much money goes from Cook County in gas taxes to the rest of the state? Bet you it is a sizable chunk. And don't get me going about why this state needs tollways...because the people south of I-80 felt it was wrong for them to help fund the roads in Chicago land. I wish we could find out how much of the Chicagoland money goes to funding their Interstates and Highways!!!
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Old Posted May 16, 2006, 10:11 PM
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A blurb in breaking news section in today's Tribune webpage:

Meanwhile, the council's Buildings Committee advanced a proposal calling for the $2.15 million sale of a vacant, three-story commercial building at 212 S. State St. to the federal government. The city obtained the property for $1.52 million in 1997 to help spur a commercial development that never materialized, officials said.

If the full council approves the sale, the building will become one of seven acquired by the federal General Services Administration (GSA) along State between Adams Street and Jackson Boulevard.

The stretch is adjacent to the Everett M. Dirksen U.S. Courthouse, 219 S. Dearborn St., which is part of a federal campus that also includes the Kluczynski and Metcalfe Federal Buildings.

The GSA has "concepts" for the new site and expects to build 1.5 million square feet of additional space there in a time frame that will span roughly the next 20 years, officials said.
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Old Posted May 16, 2006, 11:48 PM
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Originally Posted by Chicago3rd
Wonder how much money goes from Cook County in gas taxes to the rest of the state? Bet you it is a sizable chunk. And don't get me going about why this state needs tollways...because the people south of I-80 felt it was wrong for them to help fund the roads in Chicago land. I wish we could find out how much of the Chicagoland money goes to funding their Interstates and Highways!!!

That is a very good point. Especially considering that the tollways are a self-supporting system which uses no tax payer money to maintain itself.

Hmmm,
Lets guess and say there are 2 million registered vehicles in Cook County, then multiply that times 20 gallons of gasoline @ $3.00 per gallon for each week, and multiply that figure by 52 for the yearly total.

Answer for my guestimated Cook County annual gasoline revenues = $6,240,000,000. Now what percentage of the gas price is state taxes?
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  #11  
Old Posted May 17, 2006, 4:35 AM
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Quote:
Originally Posted by Chicago Shawn
That is a very good point. Especially considering that the tollways are a self-supporting system which uses no tax payer money to maintain itself.

Hmmm,
Lets guess and say there are 2 million registered vehicles in Cook County, then multiply that times 20 gallons of gasoline @ $3.00 per gallon for each week, and multiply that figure by 52 for the yearly total.

Answer for my guestimated Cook County annual gasoline revenues = $6,240,000,000. Now what percentage of the gas price is state taxes?
So the gas tax per gallon should be calculated based on what roads you'll be driving on!

We begin to see the madness of having different government entities operate roadways...

It would be nice if the 6 county area could just secede from the rest of Illinois, they can't stand us and just leach off us anyway, so it would be win-win.
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Old Posted May 17, 2006, 10:42 PM
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Quote:
Originally Posted by Lukecuj
City Closing $3M in Downtown Sales
By Mark Ruda Email this story | Printer-friendly | Reprints
CHICAGO-Two city-owned Downtown properties are closer to being sold in separate deals. One ultimately will expand the federal courthouse complex in the Central Loop while the other will provide more parking in the Theater District in the short term.

The federal government’s General Services Administration is paying more than $2.1 million for a 18,200-sf building at 212 S. State St. The GSA is spending $53 million Downtown for an expansion that could increase federal courthouse space by 1.5 million sf during the next 20 years. Meanwhile, the city is selling a 3,676-sf site at 174 W. Randolph St. for $1.2 million. A vacant, 17,500-sf building will be razed.

Both deals are expected to be approved by the city council this month.

A 75-space parking lot will be an interim use at 174 W. Randolph St. until Clovis Investments, LLC begins a mixed-use development involving that property as well as neighboring sites, at 178 and 180 W. Randolph St., it already controls. Joliet-based Clovis Investments has paid more than $3.2 million to acquire those two properties, which include a five-story, 47,900-sf office building.
Where are these Randolph developments in relation to Randolph tower? part of the same mixed use development?
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  #13  
Old Posted May 18, 2006, 1:05 AM
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^Its right next door. There are three buildings between Randolph Tower and a State owned office building at Randolph and LaSalle. The group puchasing these three mid-block buildings plan to tear them down and pave a surface lot with some vegitation screening along the sidewalk; and then come back to the city with a high-rise plan for the site within the next two years. It is NOT part of the same plan to covert Randolph Tower to residentail uses. Thank goodness too, because no developer would put up a tall tower next to a building they are converting and obliterate all of the east facing views.

If the development plans fall through, the city will take the property back after 2 years for the original sale price.
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Old Posted May 18, 2006, 3:36 AM
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Originally Posted by Chicago Shawn
^Its right next door. There are three buildings between Randolph Tower and a State owned office building at Randolph and LaSalle. The group puchasing these three mid-block buildings plan to tear them down and pave a surface lot with some vegitation screening along the sidewalk; and then come back to the city with a high-rise plan for the site within the next two years. It is NOT part of the same plan to covert Randolph Tower to residentail uses. Thank goodness too, because no developer would put up a tall tower next to a building they are converting and obliterate all of the east facing views.

If the development plans fall through, the city will take the property back after 2 years for the original sale price.
Cool. I feel like since the Central Area Plan, the city's P&D is getting more serious about enforcing smart, dense development in the central area; no more (permanent) parking-only structures, buildings built up to the property line, sensible driveway placement, etc.

Interesting that that corner of the loop is getting alot of residential/mixed use all of a sudden. Though there are many surface lots in that neck of the woods too, its a shame that stuff will be torn down while there are empty lots begging to be developed.
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Old Posted May 18, 2006, 7:47 PM
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Yeah Mr. Figel, you own Grant Park and all the city streets. Jackass. Go back to Naperville.
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Old Posted May 23, 2006, 7:04 PM
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Got any pictures of the Live Stock Nat'l Bank Bldg? I have never seen it before, and couldn't find anything with google.
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Old Posted May 27, 2006, 7:26 PM
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City rewriting its plans for the Loop
$400 million in bonds would bankroll transit, LaSalle Street rehab

May 27, 2006
By Greg Hinz
http://www.chicagobusiness.com/cgi-bin/news.pl?id=20782

City Hall is preparing to redraft its downtown development playbook with a series of new or revamped taxing districts, a $400-million bond issue and a revised plan for growth in the city's central core all on the drawing board.

Under serious review are proposals that could jump-start construction of a new transit line on the north bank of the Chicago River, revitalize the LaSalle Street office corridor and provide money for street beautification on the Near South Side.

Key business and civic figures familiar with the budding plans generally support what the city wants to do. But some caution that they will demand a much bigger voice in spending decisions than they've gotten in the past.

"If we're going to have to pay for it, we should be more involved in the governance and budget," says Gerald Roper, president and CEO of the Chicagoland Chamber of Commerce. "That's a deal breaker."

A variety of factors are driving the action, including the city's need for cash after last year's failure to win approval of a special downtown property tax and the impending sunset of the Central Loop tax increment financing (TIF) district. The TIF has served as a cash cow for dozens of downtown projects for two decades and now provides nearly $100 million a year for development, but it's due to expire at the end of 2007.

Other pressure stems from a lack of action on the city's Central Area Plan. Unveiled with much fanfare three years ago, it envisioned a wide range of transit and other improvements, but mostly has collected dust.

Here's what insiders say the city is considering or already pursuing:

• Creating a new TIF district covering LaSalle Street south of the river, as well as portions of Wells and Franklin streets. A city spokeswoman confirms that the district could come to life soon and would be used, in part, to help owners of outmoded office buildings compete with newer towers along Wacker Drive and near the commuter railroad stations. The possible new district was first reported by the Chicago Sun-Times.

The TIF also could provide subsidies to help convert outdated Class C office buildings for hotel or residential use, as has happened in the East Loop, says Jon DeVries, director of Roosevelt University's School of Real Estate.

• Renewing all or part of the Central Loop TIF for another 23 years. While depriving schools and other taxing bodies of revenue, restoring the TIF would free up money for proposed city projects, such as the Monroe Street busway or the Carroll Street transit line between Navy Pier and the commuter railroad stations. Those were proposed in the Central Area Plan, but the city does not have money to pay for them.

Asked about the Central Loop TIF, the city's spokeswoman would say only that all options are under review.

• Issuing up to $400 million in bonds — funded by proceeds from the LaSalle TIF, a new Central Loop TIF and/or proceeds from the recently authorized sale or lease of three city parking garages — as early as the city's 2008 budget. That money could help Mayor Richard M. Daley as he prepares for a presumed re-election bid.

A city spokeswoman says "no one knows anything about a $400-million issue," but sources at City Hall and a business group say such discussions are occurring.

• Updating the Central Area Plan. The city is hiring a consultant to re-examine growth projections, create a lighting plan for Michigan Avenue buildings between Washington Street and Congress Parkway, and "explore potential funding mechanisms" for the Carroll Avenue line and other transit projects, according to a summary the city sent to potential bidders.

• Creating special service areas along LaSalle Street and in the South Loop to fund street beautification and perhaps other work. The city proposed such a property tax-funded district last year to finance operations at Millennium Park, but backed down after strong business opposition.

The potential for resistance remains.

"The city needs to give strong consideration to self-governance (of special districts) in order to gain support," says William Barnhoff, vice-president of the Chicago Development Council, a trade group.
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Old Posted May 27, 2006, 10:23 PM
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Great news that the city is taking iniative on that.....So many great recommendations in the Central Area Plan yet to be realized.

Rapid transit of some variety would be massively useful down Carrol and Monroe, both linking up to the commuter stations in west loop.

Last edited by VivaLFuego; May 28, 2006 at 1:48 AM.
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Old Posted May 27, 2006, 10:33 PM
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Updating the Central Area Plan. The city is hiring a consultant to re-examine growth projections, create a lighting plan for Michigan Avenue buildings between Washington Street and Congress Parkway, and "explore potential funding mechanisms" for the Carroll Avenue line and other transit projects, according to a summary the city sent to potential bidders.
All around sounds good
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Old Posted May 28, 2006, 9:50 PM
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City rewriting its plans for the Loop
$400 million in bonds would bankroll transit, LaSalle Street rehab

May 27, 2006
By Greg Hinz
http://www.chicagobusiness.com/cgi-bin/news.pl?id=20782

City Hall is preparing to redraft its downtown development playbook with a series of new or revamped taxing districts, a $400-million bond issue and a revised plan for growth in the city's central core all on the drawing board.

Under serious review are proposals that could jump-start construction of a new transit line on the north bank of the Chicago River, revitalize the LaSalle Street office corridor and provide money for street beautification on the Near South Side.

Key business and civic figures familiar with the budding plans generally support what the city wants to do. But some caution that they will demand a much bigger voice in spending decisions than they've gotten in the past.

"If we're going to have to pay for it, we should be more involved in the governance and budget," says Gerald Roper, president and CEO of the Chicagoland Chamber of Commerce. "That's a deal breaker."

A variety of factors are driving the action, including the city's need for cash after last year's failure to win approval of a special downtown property tax and the impending sunset of the Central Loop tax increment financing (TIF) district. The TIF has served as a cash cow for dozens of downtown projects for two decades and now provides nearly $100 million a year for development, but it's due to expire at the end of 2007.

Other pressure stems from a lack of action on the city's Central Area Plan. Unveiled with much fanfare three years ago, it envisioned a wide range of transit and other improvements, but mostly has collected dust.

Here's what insiders say the city is considering or already pursuing:

• Creating a new TIF district covering LaSalle Street south of the river, as well as portions of Wells and Franklin streets. A city spokeswoman confirms that the district could come to life soon and would be used, in part, to help owners of outmoded office buildings compete with newer towers along Wacker Drive and near the commuter railroad stations. The possible new district was first reported by the Chicago Sun-Times.

The TIF also could provide subsidies to help convert outdated Class C office buildings for hotel or residential use, as has happened in the East Loop, says Jon DeVries, director of Roosevelt University's School of Real Estate.

• Renewing all or part of the Central Loop TIF for another 23 years. While depriving schools and other taxing bodies of revenue, restoring the TIF would free up money for proposed city projects, such as the Monroe Street busway or the Carroll Street transit line between Navy Pier and the commuter railroad stations. Those were proposed in the Central Area Plan, but the city does not have money to pay for them.

Asked about the Central Loop TIF, the city's spokeswoman would say only that all options are under review.

• Issuing up to $400 million in bonds — funded by proceeds from the LaSalle TIF, a new Central Loop TIF and/or proceeds from the recently authorized sale or lease of three city parking garages — as early as the city's 2008 budget. That money could help Mayor Richard M. Daley as he prepares for a presumed re-election bid.

A city spokeswoman says "no one knows anything about a $400-million issue," but sources at City Hall and a business group say such discussions are occurring.

• Updating the Central Area Plan. The city is hiring a consultant to re-examine growth projections, create a lighting plan for Michigan Avenue buildings between Washington Street and Congress Parkway, and "explore potential funding mechanisms" for the Carroll Avenue line and other transit projects, according to a summary the city sent to potential bidders.

• Creating special service areas along LaSalle Street and in the South Loop to fund street beautification and perhaps other work. The city proposed such a property tax-funded district last year to finance operations at Millennium Park, but backed down after strong business opposition.

The potential for resistance remains.

"The city needs to give strong consideration to self-governance (of special districts) in order to gain support," says William Barnhoff, vice-president of the Chicago Development Council, a trade group.
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