New TIF District Approved for Albany Park
A new Tax Increment Financing (TIF) district will support commercial revitalization projects and open space improvements in Albany Park under a plan approved today by City Council.
The Foster/Edens TIF District will include 232 acres of land generally bounded by the North Branch of the Chicago River on the north, Pulaski Road on the east, Lawrence and Foster avenues on the south, and Cicero Avenue and the Edens Expressway on the west. The boundaries include the former Sunstar manufacturing site, commercial corridors along Elston and Lawrence avenues and portions of LaBagh Woods and Gompers Park.
Increment from the district will be leveraged to support new retail uses, improvements to area open spaces, infrastructure upgrades, and other public amenities. A redevelopment plan approved for the district in December by the Community Development Commission anticipates $31 million to be allocated for costs involving land assembly and site prep, $20 building for rehabilitation, $10 million for public works improvements, and $1 million for job training, among other expenses.
The designation will bring to 144 the number of active districts in the City of Chicago. For more information visit: cityofchicago.org/tif.
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