The terms of eight Tax Increment Financing (TIF) districts were each extended for 12 years following approval by City Council today.

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

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

• 63rd/Pulaski, which encompasses 216 acres within West Lawn.
• 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.
• 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.

###