Chicago Mayor Richard Daley says the business community will have a say in possible new downtown development, but not more than anyone else.

A new TIF, Tax Increment Financing district, would redirect tax dollars from parts of La Salle Street and surrounding downtown areas. The collected funds can be used for development projects.

Daley says the city needs to be in control of the funds because the area should be protected as well as renovated.

“Because most developers like to tear all of La Salle Street down and build all new buildings and so many of them are really historical in an aspect and we don’t [want to] take them all down,” he says.

Business leaders have expressed interest in controlling the funds from the TIF to refurbish the area.

There will be a public hearing in September and recommendations will be sent to City Council for final approval.