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Union Station Deal May Include TIF Money

CHICAGO-The $220-million topping off of the landmark depot could involve $17.5 million in tax increment financing, attorney Rick Wendy tells the city's plan commission. The developer, Prime Group Realty Trust, is putting together financing.

By Mark Ruda | Updated on May 20, 2002

CHICAGO-Prime Group Realty Trust will seek tax increment financing of up to $17.5 million to help build its proposed $220-million addition to Union Station, an attorney revealed recently. Plan commission members have recommended approval of the project, which was originally envisioned when Daniel Burnham designed it.

Attorney Rick Wendy says the developer is working with department of planning and development officials on a TIF application. It would go to the city’s community development commission for a recommendation.

Various plans to complete the work Burnham had in mind have been thwarted by economic downturns and developers’ inability to pull off the project. Renowned architect Lucien Lagrange’s plans had to go to city officials because they differed substantially from plans approved by the city council in 1985, says assistant commissioner Jack Swenson.

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