Various Land and Community Development Measures Approved by City Council
A new Cicero-Stevenson Tax Increment Financing (TIF) district will support new mixed-income housing, retail and public works projects in Garfield Ridge following City Council approval today.
Planned for 65 acres of blighted land on the 4400 and 4500 blocks of South Cicero Avenue, the Cicero-Stevenson TIF district will allocate up to $80 million in future property tax growth within its boundaries to support eligible improvement costs over the next 24 years.
From 1950 to 2011, land within the district was home to the Chicago Housing Authority’s LeClaire Courts public housing project, which was demolished due to obsolescence. The site has been vacant for the last 10 years.
A pending $350 million redevelopment project within the district includes more than 600 mixed-income units, a new grocery store, job training center, daycare, community center and other public amenities. TIF support for the project is subject to a separate review and approval process.
The district was recommended for approval by the Joint Review Board and the Community Development Commission this spring. The district is set to expire at the end of 2046.