Four Chicago Park Improvement Projects to Receive TIF Funding
Four Chicago Park District properties will receive more than $12M in Tax Increment Financing (TIF) support for capital improvements through measures approved by City Council today.
- Clarendon Park, at 4501 N. Clarendon Ave. in Uptown, will receive $1.4M from the Montrose/Clarendon TIF district to renovate the Clarendon Community Center. Planned improvements include a new roof, accessibility upgrades, and interior remodeling.
- Cragin Park, at 2611 N. Lockwood Ave. in Belmont Cragin, will receive $7.1M from the Belmont/Central TIF district to replace the park’s antiquated recreational building with a new 4,800-square-foot fieldhouse. Additional planned improvements include refurbishments to the park’s tennis courts, ballfields, and play areas.
- Kells Park, at 3201 W. Chicago Ave. in Humboldt Park, will receive $600,000 from the Chicago/Central Park TIF district to relocate the playground and add a walking path, perimeter fencing, drinking fountain, benches, and landscaping.
- Riis Park, at 6100 W. Fullerton Ave. in Belmont Cragin, will receive $3.5M from the Diversey/Narraganset TIF district to renovate the park’s recreational building. Additional improvements will include adding a new playground, new ballfield turf, repaved walkways, and landscaping.
The City’s TIF program uses new property tax growth within designated districts to support public and private investment within their boundaries.