TIF Proposals Would Terminate District on South Side, Expand District on Near West Side
Tax Increment Financing (TIF) measures introduced to City Council today by Mayor Rahm Emanuel include the termination of a South Side TIF district and amendments to a Near West Side TIF district.
The 69th/Ashland TIF district in West Englewood would be terminated 13 years before its planned expiration date because it successfully accomplished its purpose of fostering the commercial redevelopment of blighted land along Ashland Avenue between 69th and 71st streets, nearly half of which was occupied by a Chicago Transit Authority bus barn. TIF-funded improvements resulted in two economic development projects: a 62,000-square-foot full service grocery store and a 32,000-square-foot, three-building professional and retail center.
The 18-acre district has an unallocated balance of approximately $1.5 million with no pending projects or remaining obligations. Upon its termination on Dec. 31, 2015, all unallocated increment would be distributed to the various taxing jurisdictions that receive tax revenues from district properties. The City of Chicago’s share is estimated at $300,000. The district was previously scheduled to expire in 2028.
The Midwest TIF district in the North Lawndale and East Garfield Park communities would be extended for an additional 12 years to support the continued redevelopment of residential, commercial and institutional properties. Designated in 2000, the district’s new expiration date would be 2036. The district’s boundaries would also be expanded to include an additional 542 acres. The expanded TIF district would total 2,538 acres.
TIF-supported projects in the district include the mixed-income City Gardens and Harvest Homes housing complexes, ongoing upgrades to the Mt. Sinai Hospital campus, and assorted infrastructure and public works improvements. The district’s new expiration date would be Dec. 31, 2036.
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