TIF Approved for Mixed-Use Redevelopment Project in Portage Park
The mixed-use redevelopment of three vacant buildings in Portage Park's "Six Corners" shopping district will move forward through $2 million in Tax Increment Financing (TIF) assistance approved today by City Council.
The $14.1 million project by Irving Park Property Holdings LLC includes 71,000 square feet of rehabilitated and new commercial spaces that would create up to 150 permanent and 100 temporary jobs.
Under the proposal, a 61,212-square-foot former bank at 4901 W. Irving Park Road will be rehabilitated to include a Binny's Beverage Depot on the first floor, a fitness center on the lower level, and a 300-seat theater space for cultural and arts-related uses on the second floor. A one-story, 5,123-square-foot building at 4925 W. Irving will be renovated as a restaurant for Elly's Pancake House, and a one-story building at 4939 W. Irving will be replaced by a 3,900-square-foot drive-thru restaurant to be occupied by Culver's.
The TIF assistance will be allocated in five installments to reimburse the developer for site preparation costs using increment generated from the project properties exclusively.
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