Plan Approved to Terminate TIF District on Near West Side
The Roosevelt/Canal Tax Increment Financing (TIF) district on the City’s Near West Side will be terminated six years earlier than its planned expiration date through a plan approved today by City Council.
Designated in 1997 to foster the redevelopment of an underutilized railroad freight terminal, the 42-acre district achieved its goal of helping to foster new construction and support commercial businesses within its boundaries. TIF-funded improvements resulted in the development of a 98,000-square-foot shopping center at the southwest corner of Roosevelt and Canal streets and improvements to adjacent parking areas and right-of-ways owned by United Parcel Service.
The district has no pending projects or remaining financial obligations. Upon its new termination date of Dec. 31, 2015, all unallocated increment will be distributed to the various taxing jurisdictions that receive property tax revenues from area properties.
Currently, the district has an unallocated balance of approximately $1.2 million. The City of Chicago’s share is estimated at $240,000.
The Roosevelt/Canal district was scheduled to expire in 2021.
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