A new soccer field within the North Park community would be financed through a Tax Increment Financing (TIF) proposal submitted to City Council today by Richard M. Daley.

The artificial turf field, built earlier this year in Kiwanis Park, 3315 W. Carmen Ave., is used by community residents and students of Von Steuben High School and North Park University. It replaced a natural-turf field that was in constant disrepair due to ongoing use.

"Thanks to TIF, the City can continue to invest in its parks and open spaces to ensure they remain community anchors for many years to come," Mayor Daley said.

The $475,000 proposal would reimburse the Chicago Park District for its construction costs. Funds would be allocated from the Lawrence/Kedzie TIF District.

Located on the North Branch of the Chicago River, the park was dedicated in 1923 in honor of the Kiwanis Club of Albany Park for its civic and charitable service to the community.

TIF is a City of Chicago funding tool that's used to promote infrastructure and other improvements as well as create jobs in designated districts across the city.