Northwest Industrial Corridor TIF District Expansion Approved
Mayor's Press Office 312.744.9267
The Northwest Industrial Corridor Tax Increment Financing (TIF) district will be expanded to enhance support of area businesses and public infrastructure through a proposal approved by City Council today.
The 1,200-acre district will be expanded by 33 acres and its budget increased from $119 million to $350 million to accommodate a 12-year term extension approved by City Council last year.
Set to expire at the end of 2034, the TIF district covers portions of Belmont Cragin, Hermosa, Austin, Humboldt Park, and West Garfield Park.
The added funding is largely intended to support local businesses through programs such as the Small Business Improvement Fund (SBIF), while the expanded boundaries will include strategic locations where TIF can help support improvements to aging infrastructure and public facilities.
TIF is a financial tool used by municipalities throughout the United States to support investment within designated districts. TIF districts use new property tax growth within their boundaries to help fund improvements identified in their respective redevelopment plans.