Six TIF Districts Extended for 12 Additional Years
The 24-year terms of six Tax Increment Financing (TIF) districts were each extended for 12 years under measures approved today by City Council.
Previously set to expire at the end of 2022, the six districts have new expiration dates of Dec. 31, 2034. The extensions will enable the districts to continue providing financial resources in support of their respective redevelopment plans.
The extensions include the following districts, each of which was designated in 1998:
- 43rd/Cottage Grove, which primarily supports commercial and residential development within a 227-acre section of Grand Boulevard.
- Bronzeville, which primarily supports mixed-use development within a 491- acre section of Grand Boulevard and Douglas.
- Northwest Industrial Corridor, which primarily supports industrial and commercial investment within a 1,200-acre section of West Garfield Park.
- Pilsen, which primarily supports industrial and commercial development within a 907-acre section of the Lower West Side.
- Roosevelt/Cicero, which primarily supports industrial investment within a 531-acre section of North Lawndale.
- Western/Ogden, which primarily supports institutional, industrial, and commercial projects within a 754-acre section of the Near West and Lower West sides.
TIF is a financial tool used by municipalities throughout the United States to support investment within designated districts. TIF districts use new property tax growth within their boundaries to help fund improvements identified in their respective redevelopment plans.