Already tiffs about plan for LaSalle Street
Tribune --Few dispute the commercial weakening of the LaSalle Street neighborhood, where office rents have declined and vacancies have climbed to 40 percent, or even 60 percent. Most also agree that its historic architecture, which includes 10 city landmarks, defines what Chicago taste, past and personality are all about.
"Many of [these buildings] are really historic," the mayor said at a City Hall press conference Wednesday. "We don't want them all taken down," which, he noted, "developers would love to do."
But some wonder whether it is the best strategy to make LaSalle Street one of the city's 143 Tax Increment Financing districts, in which tax revenue is diverted from various municipal departments for revitalization work.
I hope it helps these old buildings, they need it," said Peggy McTigue, a senior vice president overseeing downtown leasing here for the Dallas-based Trammel Crow Co. But, she asked, "Should we pull money away from schools? No one will be working if we don't have a good education system. If an old building isn't architecturally significant, why should we put the money in?"
TIF specialist Jeff Chapman, a professor of public affairs at the University of Arizona at Tempe, said that such tax policy succeeds if it is well planned."But one must ask: is it really necessary or will the market work without it?" Also, Chapman added, "Who gets hurt when taxes are rechanneled?"
David Merriman, a professor of economics at Loyola University Chicago, raised another question. "Will it be worth the cost if the investment doesn't pay off?" Then he queried, "Why not finance economic redevelopment as part of the regular city budget rather than sequestering tax receipts?"
" The city, its businesses and visitors will reap rewards from a TIF that helps preserve hand-fashioned masonry facades, upgrade antiquated mechanical systems and beautify crumbling streetscapes, said David Bahlman, president of the Landmarks Preservation Council of Illinois."A LaSalle Street TIF would be terrific," he said.
"A TIF will provide a huge incentive for the very costly job of rehabilitating historic buildings and can be a springboard for the economic redevelopment of a whole area," he added.Since the 1980's many LaSalle Street office tenants have relocated to the West Loop and Wacker Drive. They find "more light, air, river views and easier transit access," said John O'Donnell, vice chairman of The John Buck Co.
"TIFs are an important way to generate money to keep the city healthy," McTigue added. "It just has to take in the interests of the entire business community."
The city is scheduled to hold a public review of the proposal Aug. 4 and a public hearing Sept. 12. more from The Tribune
.
Tribune --Few dispute the commercial weakening of the LaSalle Street neighborhood, where office rents have declined and vacancies have climbed to 40 percent, or even 60 percent. Most also agree that its historic architecture, which includes 10 city landmarks, defines what Chicago taste, past and personality are all about.
"Many of [these buildings] are really historic," the mayor said at a City Hall press conference Wednesday. "We don't want them all taken down," which, he noted, "developers would love to do."
But some wonder whether it is the best strategy to make LaSalle Street one of the city's 143 Tax Increment Financing districts, in which tax revenue is diverted from various municipal departments for revitalization work.
I hope it helps these old buildings, they need it," said Peggy McTigue, a senior vice president overseeing downtown leasing here for the Dallas-based Trammel Crow Co. But, she asked, "Should we pull money away from schools? No one will be working if we don't have a good education system. If an old building isn't architecturally significant, why should we put the money in?"
TIF specialist Jeff Chapman, a professor of public affairs at the University of Arizona at Tempe, said that such tax policy succeeds if it is well planned."But one must ask: is it really necessary or will the market work without it?" Also, Chapman added, "Who gets hurt when taxes are rechanneled?"
David Merriman, a professor of economics at Loyola University Chicago, raised another question. "Will it be worth the cost if the investment doesn't pay off?" Then he queried, "Why not finance economic redevelopment as part of the regular city budget rather than sequestering tax receipts?"
" The city, its businesses and visitors will reap rewards from a TIF that helps preserve hand-fashioned masonry facades, upgrade antiquated mechanical systems and beautify crumbling streetscapes, said David Bahlman, president of the Landmarks Preservation Council of Illinois."A LaSalle Street TIF would be terrific," he said.
"A TIF will provide a huge incentive for the very costly job of rehabilitating historic buildings and can be a springboard for the economic redevelopment of a whole area," he added.Since the 1980's many LaSalle Street office tenants have relocated to the West Loop and Wacker Drive. They find "more light, air, river views and easier transit access," said John O'Donnell, vice chairman of The John Buck Co.
"TIFs are an important way to generate money to keep the city healthy," McTigue added. "It just has to take in the interests of the entire business community."
The city is scheduled to hold a public review of the proposal Aug. 4 and a public hearing Sept. 12. more from The Tribune
.
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