SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   Transportation (https://skyscraperpage.com/forum/forumdisplay.php?f=25)
-   -   CHICAGO: Transit Developments (https://skyscraperpage.com/forum/showthread.php?t=101657)

CTA Gray Line Jul 4, 2016 6:40 AM

Quote:

Originally Posted by chicagopcclcar1 (Post 7492970)
Mr. Payne....Maybe you have not noticed....I am not here to argue to debate with you about Gray Line. I don't want to hear about 37 Block, Mrs. Bennett, etc; as others have told you, they have nothing to do with Metra Electric.

Simple question..Why should the CTA agree to accept responsibility of the $64 million yearly deficit operations of the Metra Electric?

DH

Some of the Members of the CMME are the Greater Roseland Chamber of Commerce (nowhere near the South Chicago Branch), the South Chicago Chamber of Commerce (on the SCB), Hyde Park-Kenwood Community Conference, Alliance of the Southeast, etc.

So you're saying that all these people (not dummies) don't know or understand what their own communities need? The reasons for that lack of understanding?

And these folks have everything to do with the Metra Electric.

chicagopcclcar1 Jul 4, 2016 2:08 PM

CTA Red Line In The Median Of The Dan Ryan Expressway.
 
Enjoy the pictures.

http://i155.photobucket.com/albums/s...f/P1140302.jpg[/URL][/IMG]

CTA Red Line showing a southbound at 59th St. shown from a passing Green Line train.

http://i155.photobucket.com/albums/s...f/P1130272.jpg

CTA Red Line action in-between 69th St. and 63rd St. stations next to the Chicago Skyway.

emathias Jul 7, 2016 12:34 AM

Transit TIFs
 
Quote:

New legislation that will allow the city of Chicago to create special taxing districts to pay for rail projects should greenlight the CTA's massive Red-Purple Line modernization project, which includes the controversial flyover north of Belmont station.

That's because revenue generated as a result of the legislation will create a pool of local matching funds needed to release federal dollars for the project, which would create a bypass carrying Brown Line trains over Red and Purple Line trains. Until now, the planned flyover and other major transit projects hadn't gotten off the ground because of state budget problems.
http://www.chicagotribune.com/news/l...706-story.html

SolarWind Jul 7, 2016 2:41 AM

Union Station Transit Center
 
July 6, 2016














Mister Uptempo Jul 11, 2016 10:30 PM

Design team chosen for phase one of Union Station project
 
From today's Sun-Times

Quote:

Design team chosen for phase one of Union Station project

Fran Spielman
July 11, 2016

Relief may finally be in sight for commuters forced to endure the congested, polluted and uncomfortable passenger experience at Chicago’s 90-year-old Union Station.

After years of headlines and precious little progress, the massive project is taking two giant steps forward.

Planning and engineering giant Arup has been chosen to design 13 “near-term” improvements identified in the city’s master plan for Union Station aimed at boosting passenger capacity, improving safety and increasing mobility in and around the station.

They include wider platforms, expanded concourses and entrances, pedestrian passageways, and new ventilation systems so commuters don’t have to hold their breath like motorists driving through the Lincoln Tunnel.

The design work will be jointly funded by Amtrak, the city, Metra and the RTA.

Equally important is the bill approved by the Illinois General Assembly that would grant Chicago sweeping power to create 35-year tax-increment-financing districts to bankroll mass transit projects, including Union Station.
Full story available at link.

the urban politician Jul 11, 2016 11:10 PM

Cool, but waiting for Federal money is like waiting for the Ice Age. My grandkids will be 90 when this happens

ardecila Jul 14, 2016 3:54 AM

^ Who said anything about Federal? As of last week, the city has a new TIF tool that can raise large sums of money specifically for transit projects including Union Station. It's a 1/2-mile radius around the station, which includes mo$t of downtown.

It's interesting that in the article, Emanuel seems to downplay this. I wonder what his rationale for that could be?

the urban politician Jul 14, 2016 1:47 PM

Quote:

Originally Posted by ardecila (Post 7502983)
^ Who said anything about Federal? As of last week, the city has a new TIF tool that can raise large sums of money specifically for transit projects including Union Station. It's a 1/2-mile radius around the station, which includes mo$t of downtown.

It's interesting that in the article, Emanuel seems to downplay this. I wonder what his rationale for that could be?

But those TIF funds still need matching Federal funds. Which means study after study after design consultant after design consultant. Like I always complain about, despite huge demands for labor we've become a nation of managers and desk workers, so we've gotta fill those coffers first.

Emanuel is probably downplaying this, IMO, because of the whole "Mayor 1%" business. It would look better politically to talk about extending the red line south

MayorOfChicago Jul 14, 2016 2:21 PM

Yeah, I thought the assumption is that this is a nice way of earning the local dollars to use as a match for federal without having to deal with the city or especially the state to come through.

PKDickman Jul 14, 2016 2:26 PM

Quote:

Originally Posted by the urban politician (Post 7503176)
But those TIF funds still need matching Federal funds. Which means study after study after design consultant after design consultant. Like I always complain about, despite huge demands for labor we've become a nation of managers and desk workers, so we've gotta fill those coffers first.

Emanuel is probably downplaying this, IMO, because of the whole "Mayor 1%" business. It would look better politically to talk about extending the red line south

It's gonna be a long time before the TIF does anything. Its income is derived from changes in assessment. If they were enacted today, they would not see a dime until the next triennial. And probably a decade until there's enough dough to do anything. Then, we can can use it as matching funds with the further delays that are involved with that. Not that I think TIFs good idea.

As to the red line extension, political motives aside, its advantage is that it can be done with bupkis in land costs.

The thing about infrastructure is that if you wait for the demand to be there before you invest, you are already too late. You'll get more bang for the buck if you invest in transit where demand is low and costs are low. Then you lever that investment to create demand.

Kngkyle Jul 14, 2016 4:33 PM

Quote:

Originally Posted by PKDickman (Post 7503215)
It's gonna be a long time before the TIF does anything. Its income is derived from changes in assessment. If they were enacted today, they would not see a dime until the next triennial. And probably a decade until there's enough dough to do anything. Then, we can can use it as matching funds with the further delays that are involved with that. Not that I think TIFs good idea.

The city doesn't have to actually collect the money before funding projects. They can take out a loan based on the future revenue from the TIF. At least that is my understanding.

the urban politician Jul 14, 2016 6:30 PM

With our credit rating?

No thanks.

Mister Uptempo Jul 14, 2016 7:19 PM

Quote:

Originally Posted by the urban politician (Post 7503554)
With our credit rating?

No thanks.

Could they not utilize a Railroad Rehabilitation & Improvement Financing loan, through the Federal Railroad Administration, which currently has $35 Billion available?

This page helps to explain the loans and process involved.

Quote:

RRIF direct loans may fund up to 100 percent of a railroad project, with repayment periods of up to 35 years at interest rates equal to the equivalent term US Treasury securities. RRIF loans may be used to:

Acquire, improve, or rehabilitate intermodal, rail freight or passenger equipment or facilities, including track, bridges, yards, buildings, stations, maintenance shops, locomotives and rolling stock;
Develop or establish new intermodal or railroad facilities (such as terminals);
Refinance outstanding debt (including capital leases) incurred for these eligible purposes;

Kngkyle Jul 14, 2016 7:51 PM

Quote:

Originally Posted by the urban politician (Post 7503554)
With our credit rating?

No thanks.

Wouldn't the quality of the collateral mean interest rates backed by TIF revenues would be lower than the rate the city would generally have to pay? These don't assume the city can pay the loan back, but rather that property owners will pay their taxes.

(I could be totally off here, I'm not an expert on this by any stretch)

the urban politician Jul 14, 2016 7:54 PM

^ Aren't property taxes one of the foundations of the city's budget anyhow?

Kngkyle Jul 14, 2016 7:57 PM

Quote:

Originally Posted by the urban politician (Post 7503658)
^ Aren't property taxes one of the foundations of the city's budget anyhow?

Of course, but don't TIFs effectively shave off a piece property taxes and mandate that the city can't use it for anything other than infrastructure improvements within that district? So that revenue can't simply be used to cover other debts, which makes it a lot safer to a lender.

Vlajos Jul 14, 2016 9:08 PM

Quote:

Originally Posted by Kngkyle (Post 7503662)
Of course, but don't TIFs effectively shave off a piece property taxes and mandate that the city can't use it for anything other than infrastructure improvements within that district? So that revenue can't simply be used to cover other debts, which makes it a lot safer to a lender.

Kind of, but at least in CPS instance, it has it's own taxing authority, so it just raises to a level of its needs regardless of the existence of TIF. TIF is essentially an extra tax.

UPChicago Jul 14, 2016 10:38 PM

Quote:

Originally Posted by Vlajos (Post 7503743)
Kind of, but at least in CPS instance, it has it's own taxing authority, so it just raises to a level of its needs regardless of the existence of TIF. TIF is essentially an extra tax.

It is not an extra tax it basically borrowing against all future increases in tax revenue. Ideally from the increase in property values within the tif district due to redevelopment.

PKDickman Jul 15, 2016 12:47 AM

Quote:

Originally Posted by UPChicago (Post 7503841)
It is not an extra tax it basically borrowing against all future increases in tax revenue. Ideally from the increase in property values within the tif district due to redevelopment.

Borrowing would necessitate paying back.

TIFs divert current revenue from new sources away from the general fund, schools and parks and into a discretionary fund.

Although, the schools are supposed to get theirs under the Transit TIF.

ardecila Jul 15, 2016 3:50 AM

I'm not sure RRIF loans could be used for the CTA network, it's really meant for mainline railroads. Union Station would certainly qualify though.

I don't know if it's kosher to use a Federal loan, backed by local property tax revenue, as the local match for a Federal grant. That seems like two bites at the apple. That being said, if there is a way to bend the rules, this is the ideal time to do it with a Chicagoan in the White House, Emanuel on the fifth floor and a former Emanuel staffer heading up FRA.

Federal matching is nice and all, but A) you're competing with cities around the country for a fixed pot of money, which is itself vulnerable to the mood of Congress, and B) the endless layers of Federal red tape you have to wade through add years to the project schedule, and in the world of construction cost inflation, years of delay could mean hundreds of millions of dollars. Construction costs often don't scale with inflation, so the longer you wait, the less buying power you get from your tax receipts.


All times are GMT. The time now is 9:18 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2023, vBulletin Solutions, Inc.