TIF Proposed for Washington Park Mixed-Use Proposal
The 23-year terms of five 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, the five districts would have new expiration dates of Dec. 31, 2034. The extensions would enable the districts to continue providing financial resources in support of their respective redevelopment plans.
The extensions would 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.
- 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.
The City of Chicago currently has 130 TIF districts citywide. Since late 2019, four districts were terminated, seven districts expired, four received 12-year extensions and one was designated.