Plan Will Amend Four TIF Districts
Four existing Tax Increment Financing (TIF) districts on the North and Southwest sides will be amended to support additional community improvements under a plan approved today by City Council.
Goose Island TIF
The expiration date on the Goose Island TIF, which spans portions of the Near North Side and West Town communities, will be extended for an additional 12 years. The 94-acre district was designated in 1996 to support site preparation and infrastructure improvements on behalf of industrial businesses, among other goals. The extension is being proposed to support the construction of new public infrastructure. Originally scheduled to expire in the summer of 2019, the new expiration date for the district will be in 2031.
The expiration date on the 95th/Western TIF district will be extended for an additional 12 years. The 33-acre district was designated in 1995 to reinforce retail activity along the Beverly community’s main shopping corridor. The extension is being proposed to support infrastructure improvements and encourage new retail, commercial, and mixed-use development. Originally scheduled to expire at the end of 2019, the new expiration date for the district will be in 2031.
Bryn Mawr/Broadway TIF
The expiration date on the Bryn Mawr/Broadway TIF in Uptown will be extended for an additional 12 years. The 15-block district was designated in 1996 to revitalize the Broadway and Bryn Mawr Avenue commercial corridors into a cohesive mixed-use district, support infrastructure upgrades, and improve local transit facilities. The extension is being proposed to support the first phase of the Red and Purple Modernization Program, which includes improvements to the Bryn Mawr Red Line station and tracks. Originally scheduled to expire at the end of 2019, the new expiration date for the district will be in 2031.
60th Western TIF
An amendment to the 60th/Western TIF district in Chicago Lawn will add an additional year to its anticipated expiration date. The amendment will include “24th year language” to enable increment generated in the 23rd year to be used for local infrastructure projects, including the smart street light program. TIF districts designated after November 1999 already include the 24th year language. Designated in 1996, the 150-acre district was previously scheduled to expire in May 2019.
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