Plan Approved To Terminate South Side TIF District
The 89th/State Tax Increment Financing (TIF) district will be terminated eight years earlier than its planned expiration date through a measure approved today by City Council.
Established in 1998 to spark the redevelopment of a 38-acre industrial site in the Chatham community, the district achieved its goal of financing public infrastructure and other improvements within its boundaries. The improvements resulted in the development of the 143-home Chatham Club residential project.
“If a TIF district succeeds in meeting its objectives before its set to expire, it should be terminated,” Mayor Rahm Emanuel said.
The district has no pending projects or remaining obligations. Upon its termination on Dec. 31, 2013, an unallocated balance of approximately $550,000 would be proportionally redistributed to the various taxing bodies that receive tax revenues from district properties. The City of Chicago 's share is projected at $109,000.
The 89th/State district was scheduled to expire in 2021. It will be the eighth to be terminated under Mayor Emanuel.
# # #