The 23-year term of the 35th/Halsted Tax Increment Financing (TIF) district will be extended for an additional 12 years with the approval of City Council today.

The 518-acre district was designated in 1997 to foster public and private improvements within the Bridgeport and McKinley Park communities. The 12-year extension will contribute to ongoing revitalization goals through 2033.

To accommodate the extended term, the district budget will be amended through an ordinance to be submitted to City Council in 2022. The district boundaries will not be changed.

TIF expenditures within the 35th/Halsted district to date have supported the redevelopment of the vacant Ramova Theater on Halsted Street, the relocation of Vienna Beef to the Stockyards Industrial Corridor, the creation of a mixed-use complex at 35th and Halsted streets, multiple public infrastructure projects and more than three dozen Small Business Improvement Fund (SBIF) projects.

Prior to the extension, the district was scheduled to expire at the conclusion of 2021.