TIF Proposed for Renovation of Vacant 63rd Street Building in Englewood
A vacant, two-story building in Englewood would be redeveloped for commercial uses through $5 million in Tax Increment Financing (TIF) assistance proposed to City Council today by Mayor Brandon Johnson.
The $7.1 million project by E.G. Woode would 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 would 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.