The 23-year term of the 71st/Stony Island Tax Increment Financing (TIF) will be extended for an additional 12 years under a proposal passed by City Council today.

Designated in 1998 within portions of the South Shore and Avalon Park communities, the 497-acre 71st/Stony Island district is intended to foster public and private improvements along 67th, 71st, and 79th streets, and along Stony Island and South Chicago avenues. The 12-year extension will further contribute to revitalization goals for the TIF district through 2034.

To accommodate the extended term, the district budget will be increased from $40 million to $120 million. The district boundaries will not be changed.

Expenditures to date for the 71st/Stony Island TIF district have supported the redevelopment of Jeffrey Plaza, construction of Montclare Senior Residences of Avalon Park Phase I, multiple public infrastructure projects, and Small Business Improvement Fund (SBIF) program costs.

The district is currently scheduled to expire at the conclusion of 2022.