New public green space would be created in Washington Park through a City-owned land sale and financial assistance introduced today to City Council by Mayor Rahm Emanuel.
Lake Park Associates Inc. would improve a vacant, 32,000-square-foot property at 337 E. Garfield Blvd. with grass lawn and pathways. Total project cost would be $105,000.
Appraised at $475,000, the parcel would be sold for $25,000 in recognition of an estimated $332,000 in remediation costs needed to prepare the site for construction. City support would also include $166,000 in TIF assistance towards the environmental remediation costs.
A proposed second phase would include either a rain garden or arts-oriented cultural center. Once fully completed, the operation of the venue will include seven full-time and approximately two part-time positions.
The project adds to the University of Chicago’s Arts Block initiative, which is a part of an ongoing effort to create a group of art-related developments along East Garfield Boulevard.
# # #