The City Council on Wednesday created a new transit tax increment financing district to bankroll about one-fourth $959 million of the cost of extending the CTA’s Red Line from 95th Street to 130th Street and building four new stations along the way.
With only one dissenting vote on five companion ordinances, the City Council made it happen on Wednesday, creating a new transit tax-increment financing.
The primary opposition came from Budget Committee Chair Pat Dowell (3rd) and former longtime Transportation Committee Chairman Anthony Beale (9th), whose Far South Side constituents would benefit the most.