From the Editorial Board: The Chicago Teachers Union once opposed Lincoln Yards and its sweetheart TIF deal. Now the teachers' pension fund has been pitched on investing in the very thing the union protested.
Opinion content—editorials, columns and guest commentaries—is created independent of news reporting and is exclusive to subscribers.The first building of Sterling Bay’s planned Lincoln Yards development nears completion along Chicago's North Throop Street on Nov. 1, 2022.
In 2019, shortly before now ex-Mayor Lori Lightfoot replaced Mayor Rahm Emanuel, the City Council approved up to $1.3 billion of tax increment financing to support this megaproject. As this page said at the time, that massive TIF deal turned Chicago taxpayers into Lincoln Yards’ most important stakeholders.Fast-forward four years, and commercial real estate is on the brink of a crisis, with a slew of office properties sitting mostly vacant in the aftermath of COVID-19.
Still, given how the teachers have positioned themselves to help run the city, getting their pension fund to buy into Lincoln Yards would be an amazing coup for Sterling Bay, which recently complained to Bloomberg News that Lightfoot had put a brake on issuing necessary permits. One influential Chicago alderman, Gilbert Villegas of the 36th Ward, has made some noise about encouraging local pension funds to sink their money into local development projects.
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