Tax Increment Financing (TIF) measures approved today by City Council include the designation of a new TIF district on the South Side and amendments that will add an additional year to the terms of three existing districts.

The designation of the proposed 51st/Lake Park district in Hyde Park will involve 2.25 acres of land at 51st Street and Lake Park Avenue that is currently occupied by obsolete retail buildings and a parking lot. Increment from the district will be used to promote new commercial and mixed-use development, enhance pedestrian amenities, and foster high-quality construction that complements the surrounding neighborhood.

The district was approved by the Community Development Commission in September 2012.  New property tax growth generated within its boundaries for the next 23 years would support local improvement projects.

The measure to add an additional year to three existing districts will enable the districts to utilize increment generated in the final year of their terms.

The amendment will apply to the Sanitary and Ship Canal TIF district in South Lawndale, the Lincoln/Belmont/Ashland TIF district in Lakeview, and 41st/King Drive TIF district in Grand Boulevard.

Because Chicago property taxes are collected in arrears, the amendments to include “24th year language” will enable increment generated in the districts’ 23rd years to be used for local redevelopment projects.

Districts designated after November 1999 already include the 24th year language.

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