Planned improvements to Park 598 on the Near North Side would be supported with an additional $1.25 million in Tax Increment Financing (TIF) assistance proposed to City Council today by Mayor Brandon Johnson.

Already approved for $3.15 million in TIF, the additional funding would reimburse the Chicago Park District for anticipated expenses involving an entry plaza, playground, walking paths, fitness equipment, an open lawn and landscaping. Construction could start later this year.

Located at 1514 N. Larabee St., the property was acquired by the Park District from the Chicago Housing Authority in 2019.

The City’s TIF program uses new property tax growth within designated districts to support public and private investment projects within their boundaries.

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