TIF Funding Approved for Three Park Projects

March 20, 2024

Mayor's Press Office    312.744.3334

The Chicago Park District will receive $7 million in Tax Increment Financing (TIF) assistance approved by City Council today for construction of a new park and upgrades to existing recreational properties.

• Park 599, at 1623 Edgewater Ave. in Edgewater, will receive $450,000 from the Edgewater/Ashland TIF district. The funding will 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, will 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a rebuilt baseball diamond with lighting, fencing, benches and bleacher seating, as well as a replacement for an outdated water feature.

• McGuane Park, located at 2901 S. Poplar Ave. in Bridgeport, will receive $5.77 million in previously approved funds from the Archer Western TIF District for completed fieldhouse improvements.

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