Mayor Emanuel’s Retail Thrive Zone initiative will be allocated an additional $3.9 million in Tax Increment Financing (TIF) assistance to support targeted West and South side retail corridors under a plan approved today by City Council.
“Local businesses are the heart of Chicago’s neighborhoods,” Mayor Emanuel said. “This initiative will strengthen the retail corridors that are economic and cultural hubs for our communities and in the process, create new jobs and amenities in neighborhoods that need more private investment.”
Provided as small business grants up to $250,000, the funding will be used to cover up to 75 percent of a project’s development costs. The eight targeted retail corridors are located in Austin, Back of Yards, Bronzeville, Chatham, Englewood, South Shore, West Humboldt Park and West Pullman.
The plan will allocate $1.5 million for the Englewood Neighborhood TIF district; $750,000 for the 87th/Cottage Grove TIF district; $500,000 each for the Austin Commercial and 67th/Wentworth TIF districts; $400,000 for the Avalon Park/South Shore TIF district; and $250,000 for the 43rd/Cottage Grove TIF district.
Eligible expenses include structural repairs and improvements to roofs, facades, plumbing, electrical or HVAC systems.
Fifty-one businesses have been awarded grants to date. More information about the initiative is available at www.thrivezones.com.
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