TIF Funding Would Support Two Park Projects

February 21, 2024

Mayor's Press Office    312.744.3334

The Chicago Park District’s recent construction of two new parks and planned upgrades to a third park would be supported with $2.45 million in Tax Increment Financing (TIF) assistance proposed to City Council today by Mayor Brandon Johnson.

  • Park 599, at 1623 Edgewater Ave. in Edgewater, would receive $450,000 from the Edgewater/Ashland TIF district. Funding would support costs incurred during construction of 1.1-acres of open space improvements adjacent to the former Edgewater Hospital complex, which reopened in 2021 as Anderson Point apartments.
  • Bessemer Park, at 8930 S. Muskegon Ave. in South Chicago, would receive $750,000 from the Commercial Avenue TIF district. Planned improvements include a rebuilt baseball diamond with lighting, fencing, benches and bleacher seating, as well as a replacement for an outdated water feature.

The City’s TIF program uses new property tax growth within designated districts to support public and private investment within their boundaries.