A new park on the Near South Side will be financed through a Tax Increment Financing (TIF) plan approved today by City Council.
TIF assistance in the amount of $2 million will enable the construction of a half-acre "pocket park" by the Metropolitan Pier and Exposition Authority (MPEA) at 2099 S. Prairie Ave.
Intended for use by area residents and visitors, the park will include a playground, water play area, a fenced dog area, and a plaza with seating. To be financed entirely by TIF, the park is part of the "Elevate Chicago" expansion initiative involving MPEA and other properties around the McCormick Place convention center.
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