Amendment Will Extend Read/Dunning TIF District for Additional 12 Years
The Read/Dunning Tax Increment Financing (TIF) district on the City’s Northwest Side will be extended for an additional 12 years through an amendment approved today by City Council.
The 225-acre district was designated in 1991 to foster the redevelopment of the former Chicago-Read Mental Health Center campus and adjacent land with a mix of uses, including industrial, institutional and housing development.
TIF-supported projects in the district have included the Senior Suites of Autumn Green affordable housing complex at 4255 N. Oak Park Ave.; an expansion of Eli’s Cheesecake factory at 6701 W. Forest Preserve Drive; and more than $5 million in area roadway improvements.
The district was originally scheduled to expire at the end of 2015. The 12-year extension will support the continued redevelopment of remaining vacant land for public and institutional purposes. The size of the district and boundaries will remain unchanged.
The Read/Dunning TIF is bounded by Forest Preserve Drive and Montrose Avenue on the north, Narragansett Avenue on the east, Irving Park Road on the south, and Harlem Avenue on the west.
The new expiration date for the district is Dec. 31, 2027.
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