TIF Assistance Would Preserve Six South, West Side Grocery Stores
Neighborhood grocer Yellow Banana LLC would acquire and rehabilitate six West and South side Save A Lot supermarkets through $13.5 million in Tax Increment Financing (TIF) assistance under a proposal introduced to City Council today by Mayor Lori E. Lightfoot.
The $25.2 million revitalization project would improve each store’s operations based on community needs while maintaining existing Save A Lot branding. The locations include:
- 10700 S. Halsted St., Morgan Park
- 2858 E. 83rd St., South Chicago
- 420 S. Pulaski Road, West Garfield Park
- 4439 W. 63rd St., West Lawn
- 7240 S. Stony Island Ave., South Shore
- 7908 S. Halsted St., Auburn Gresham
Five of the six stores are currently operating. The Auburn Gresham location, which closed in February 2020, would reopen later this year. The investments are expected to create up to 20 full-time jobs while retaining up to 70 existing positions.
Yellow Banana is a Black-owned retail grocer that operates 38 Save a Lot stores in the Chicago, Milwaukee, Cleveland, Jacksonville, and Dallas metro areas.
The TIF assistance would be provided through the City’s Chicago Recovery Plan, Mayor Lightfoot’s $1.2 billion strategy for equitable economic recovery, and support for thriving and safe communities.