City of Chicago TIF Districts

 

The City of Chicago Department of Housing and Economic Development (HED) promotes economic development by helping existing businesses grow and by attracting new industry to the city. The department also leads Chicago's affordable housing, housing preservation and community-based home buyer assistance programs, as well as the city's zoning, land use planning, sustainability and historic preservation initiatives. The department works in cooperation with community and business groups, elected officials, delegate agencies and other community stakeholders.

 

Tax Increment Financing (TIF) is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a period of 23 years.

 

Funding levels for specific projects are coordinated with area plans and goals. When an area is declared a TIF district, the amount of property tax the area generates is set as a base EAV amount. As property values increase, all property tax growth above that amount can be used to fund redevelopment projects within the district. The increase, or increment, can be used to pay back bonds issued to pay upfront costs, or can be used on a pay-as-you-go basis for individual projects. At the conclusion of the 23-year period, the increase in revenue over the base amount is distributed annually among the seven taxing bodies in the city that are based on property values.

 

53RD Street TIF District

 

Encompassing similar portions of the Hyde Park and Kenwood communities, the 53rd Street TIF district was created to re-establish a cohesive and vibrant mixed-use district that provides a comprehensive range of goods and services to the surrounding residential community. It is also intended to accommodate new residential and institutional uses where appropriate. Other priorities include streetscaping and landscaping along 53rd Street and Lake Park Avenue, new off-street parking facilities, and projects that provide job training and day care for local businesses. The 84-acre district also supports the rehabilitation of existing structures and the expansion of public open space in the area. For a map and additional information, visit the City of Chicago.org.


Redevelopment Plan (PDF)

Designation Ordinance (PDF)

Annual Report (PDF)

Projection Report (Data Portal)