The Northwest Industrial Corridor Tax Increment Financing (TIF) district would be
amended to enhance its support of area businesses and public amenities through a
proposal introduced to City Council today by Mayor Brandon Johnson.
The amendment would expand the size of the 1,200-acre district by 33 acres and
increase its budget from $119M to $350M to accommodate a 12-year term
extension approved by City Council last year. The district is set to expire at the end
of 2034.
The TIF district covers portions of Belmont-Cragin, Hermosa, Austin, Humboldt
Park, and West Garfield Park. The added funding is largely intended to support local
businesses, such as through the Small Business Improvement Fund (SBIF), while the
expanded boundaries would include strategic locations where TIF could help
support improvements to aging infrastructure and public facilities.
TIF is a financial tool used by municipalities throughout the United States to support
investment within designated districts. TIF districts use new property tax growth
within their boundaries to help fund improvements identified in their respective
redevelopment plans.
January 11th, 2025 at 4:12 am
Exceptional post but I was wondering if you could write a litte more on this topic?
I’d be very thankful if you could elaborate a little bit
more. Thanks!
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