TIF Assistance Approved for Englewood Retail Project
Department of Planning and Development 312.744.9267
A vacant two-story building in Englewood will be redeveloped for retail uses through $5 million in Tax Increment Financing (TIF) assistance approved by City Council today.
The $7.1 million project by E.G. Woode will renovate the 113-year-old building at 1022 W. 63rd St., creating a trio of 1,400-square-foot restaurant spaces and a pair of 1,800-square-foot offices.
Vacant for approximately five years, the building’s exterior will be improved with accent lighting, fiber cement panels, and an outdoor event space. The project is expected to create up to 30 full-time jobs.
TIF is a financial tool that uses incremental property tax growth within designated districts to help support local improvement projects.