Amendment Will Add 12 Years to Michigan/Cermak TIF District
The expiration date of the Michigan/Cermak Tax Increment Financing (TIF) district on the Near South Side will be extended for an additional 12 years through an amendment introduced to City Council by Mayor Rahm Emanuel.
Encompassing more than 29 acres, the Michigan/Cermak TIF was designated in 1989 to support public and private mixed-use development along Cermak Road between State Street and Calumet Avenue. The district is currently scheduled to expire on Dec. 31, 2013.
The 12-year extension is being proposed to support ongoing private investment and public infrastructure projects in the area, including the new Chicago Transit Authority Green Line station near Cermak and State, now under construction.
The district's new expiration date is Dec. 31, 2025.
# # #