Mayor Brandon Johnson offers revised plan to borrow $1.25 billion for development, housing projects

Revised Plan for Affordable Housing and Economic Development Projects Unveiled

A revised version of Mayor Brandon Johnson’s plan to borrow $1.25 billion to spur affordable housing and economic development projects was unveiled Thursday, though a key addition to the proposal sparked lengthy questioning at a City Council committee hearing.

Increased Transparency and Project Selection

Both Council members and local development organizations applauded changes to increase transparency — including in the project selection process, guidelines for retaining some tax increment financing districts and the frequency of reports to the Council and the public.

• City departments required to publish selection criteria for each program funded by the bonds
• Reports provided four times a year to Council and the public on project commitments and funding
• All bond-funded projects published on an online portal

Controversy Surrounding Council Approval for Projects Exceeding $5 Million

The proposed plan states that projects exceeding $5 million would need Council approval to move forward, which became a point of contention during the public hearing.

• Feedback from the City Council’s Office of Financial Analysis led to the proposed changes
• Concerns raised about the decision-making process for the $5 million threshold
• Some Council members suggested a lower threshold, such as $1 million

Expiration of Tax Increment Financing Districts (TIFs)

The plan involves letting dozens of TIF districts expire, with the tax dollars recouped from those districts helping to fund the proposal.

• Roughly one-third of Chicago’s 121 designated TIF districts will expire in the next three years
• List of TIFs that could be extended is currently a draft
• Commissioner of the Department of Planning and Development can share the current plans with Council members

Support for the Bond Plan and Increased Transparency

Despite some hesitations, several Council members and community organizations expressed support for the bond plan and its potential to enhance transparency compared to previous administrations.

• Chicago Community Loan Fund and Metropolitan Planning Council spoke in favor of the bond issue
• Civic Federation sees the plan as a sensible reset to the city’s over-reliance on TIF funds
• Calls for reform in the use of TIF funds for economic development

Sustainable Development Goals (SDGs) addressed in this article:

1. No Poverty
2. Decent Work and Economic Growth
3. Industry, Innovation, and Infrastructure
4. Sustainable Cities and Communities
5. Reduced Inequalities

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 1: No Poverty
• SDG 8: Decent Work and Economic Growth
• SDG 11: Sustainable Cities and Communities
• SDG 17: Partnerships for the Goals

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.
• SDG 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services.
• SDG 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
• SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator for SDG 1.4: Proportion of the population living in households with access to basic services.
• Indicator for SDG 8.3: Proportion of informal employment in non-agriculture employment, by sex.
• Indicator for SDG 11.1: Proportion of urban population living in slums, informal settlements, or inadequate housing.
• Indicator for SDG 17.17: Number of countries that have national development plans that are fully implemented in alignment with the Sustainable Development Goals.

Table: SDGs, Targets, and Indicators

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Source: chicago.suntimes.com

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