TIF Funds Approved for Renovations at Two North Side Schools

May 9, 2012


The Chicago Board of Education will be reimbursed for costs associated with recent improvements to two North Side schools under Tax Increment Financing (TIF) measures approved today by City Council.

“Facility upgrades are critical to student success in the classroom,” Mayor Rahm Emanuel said. “TIF is an important funding source to help make them possible.”

Lloyd Elementary School, 2103 N. Lamon Ave.
The Belmont-Cragin elementary school will receive $550,000 in TIF for the recent construction of a $1.3 million playground and an artificial turf field. The funds will be applied to its planning, design and installation costs. The balance is being paid for by the Board of Education.

Lane Technical High School, 2501 W. Addison St.
The North Center high school will receive $2 million in TIF for a recently completed improvement project that included exterior repairs, new windows, painting, and various structural upgrades. Total project costs were $2 million.


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