TIF Funding Proposed for Four Chicago Park Improvement Projects
Four Chicago Park District properties would receive more than $12 million in Tax Increment Financing (TIF) support for capital improvements through proposals introduced to City Council today by Mayor Lori E. Lightfoot.
• Clarendon Park, at 4501 N. Clarendon Ave. in Uptown, would receive $1.4 million from the Montrose/Clarendon TIF district to renovate the Clarendon Community Center. Planned improvements include a new roof, accessibility upgrades and interior remodeling.
• Cragin Park, at 2611 N. Lockwood Ave. in Belmont Cragin, would receive $7.1 million from the Belmont/Central TIF district replace the park’s antiquated recreational building with a new 4,800-square-foot fieldhouse. Additional planned improvements include refurbishments to the park’s tennis courts, ballfields and play areas.
• Kells Park, at 3201 W. Chicago Ave. in Humboldt Park, would receive $600,000 from the Chicago/Central Park TIF district to relocate the playground and adding a walking path, perimeter fencing, drinking fountain, benches and landscaping.
• Riis Park, at 6100 W. Fullerton Ave. in Belmont Cragin, would receive $3.5 million from the Diversey/Narraganset TIF district to renovate the park’s recreational building. Additional improvements would include adding a new playground, new ballfield turf, repaved walkways and landscaping.
The City’s TIF program uses new property tax growth within designated districts to support public and private investment within their boundaries.
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