North Branch Boat House to Be Backed By TIF
The construction of a new boat house at North Center’s Clark Park will be supported with $1 million in Tax Increment Financing (TIF) assistance approved today by City Council.
The $7.4 million, two-story facility is being planned by the Chicago Park District for a vacant site at 3400 N. Rockwell Ave., adjacent to an existing canoe launch on the North Branch of the Chicago River.
Designed by Chicago architect Jeanne Gang, the 20,000-square-foot building will include a boat storage area, training equipment, a community room, locker rooms, shower facilities, a floating dock, and related public spaces. Construction is expected to be completed in 2013.
The TIF assistance will be provided through the Western Avenue South TIF district, which provides financing for local redevelopment and public improvement projects.
Additional financing will include $2.4 million from the Park District and approximately $3.9 million in private donations.
For more information about TIF, visit www.cityofchicago.org/tif.
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