Two TIF Districts Proposed for 12-Year Extensions
The 24-year terms of two Tax Increment Financing (TIF) districts would each be extended for 12 years under proposals introduced to City Council today by Mayor Lori E. Lightfoot.
Currently set to expire at the end of 2022, both districts would have new expiration dates of Dec. 31, 2034, and their respective budgets would be adjusted in anticipation of their extended terms.
The 79th Street Corridor district would be extended to continue its support for neighborhood improvement projects along 79th Street between Honore and Wallace streets, and along Racine Avenue between 75th and 81st streets, in addition to other nearby blocks. The budget for the 226-acre district, which is primarily located in Auburn Gresham, would increase from $10,951,250 to $40,000,000.
The Homan/Arthington district would be extended to support the mixed-use redevelopment of underutilized land surrounding the former Sears-Roebuck campus in North Lawndale. The budget for the 84-acre district would increase from $15,555,161 to $41,000,000.
TIF is a financial tool used by U.S. municipalities to support new investments within designated districts. TIF districts use new property tax growth within their boundaries to help fund improvements identified in their respective redevelopment plans.