TIF Proposed for New Retail Center
Proposed Tax Increment Financing (TIF) assistance introduced to City Council today by Mayor Rahm Emanual would support the development of a new retail center on the Near West Side..
"This development would provide more retail options and job opportunities for local residents,” Mayor Emanuel said.
The 95,000-square-foot Gateway Plaza retail center proposed for the northwest corner of Halsted and Monroe streets would be assisted with $7 million in TIF.
The $42 million, three-story structure would include a 71,000-square-foot Mariano's grocery store, parking, and additional commercial spaces for a variety of tenants.
An estimated 200 permanent jobs and 250 temporary jobs would result from its construction, according to the developer, CD-EB/EP Retail JV, LLC.