A new Tax Increment Financing (TIF) district will support industrial development in portions of South Deering, Hegewisch and the East Side under a proposal introduced today to City Council by Mayor Rahm Emanuel.
The proposed 116th/Avenue O TIF district will include 263 acres of land generally bounded by 114th Street on the north, 122nd Street on the south, Avenue O on the east, and the Calumet River on the west. Increment generated by the district will be used to support redevelopment of underutilized and vacant land for uses that leverage the area’s industrial assets and transportation network.
A redevelopment plan approved for the district in August by the Community Development Commission anticipates approximately $25 million will be allocated for costs involving land assembly, environmental remediation, and site prep; $55 million for public works improvements; and $10 million for job training, among other eligible expenses.
The site was used for steel production starting in 1901 by Republic Steel, which merged with LTV Steel in 1984. The steel mill was shuttered in 2001.
A portion of the Lake Calumet TIF district boundaries will be amended to accommodate the designation of the new 116th/Avenue O district, which would be the 145th TIF district in the City of Chicago.
For more information visit: cityofchicago.org/tif.
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