The 23-year terms of eight Tax Increment Financing (TIF) districts would each be extended for 12 years under proposals introduced to City Council today by Mayor Brandon Johnson.

Currently set to expire at the end of 2024 or 2025, the districts would have new expiration dates of Dec. 31, 2036, or Dec. 31, 2037. The extensions would enable the districts to continue providing financial resources in support of their respective redevelopment plans.

The extensions would include the following districts, each of which was designated in 2000 or 2001:

• Belmont/Central, which consists of 326 acres within Portage Park and Belmont Cragin.
• Central West, which encompasses 539 acres within the Near West Side.
• Englewood Neighborhood, which encompasses 1,015 acres within the Englewood community.
• Lake Calumet, which consists of 7,044 acres within South Deering, East Side and Hegewisch.
• Lawrence/Broadway, which includes 73 acres within Uptown and Edgewater.
• Lawrence/Kedzie, which encompasses 410 acres within North Park and Albany Park.
• Peterson/Pulaski, which encompasses 139 acres within North Park.
• South Chicago, which encompasses 370 acres within the South Chicago community.

TIF is a financial tool used by municipalities to support public and private investment within designated districts. TIF districts use new property tax growth within their boundaries to help fund the improvements.

For redevelopment plan information, projects, maps and related resources, visit Chicago.gov/TIF.