Mayor Brandon Johnson | Mayor Brandon Johnson (https://www.chicago.gov/city/en.html)
Mayor Brandon Johnson | Mayor Brandon Johnson (https://www.chicago.gov/city/en.html)
Department of Planning and Development 312.744.9267
The 24-year term of the Fullerton/Milwaukee Tax Increment Financing (TIF) district would be extended by three years under an ordinance proposed to City Council on June 21 by Mayor Brandon Johnson.
Currently set to expire at the end of 2024, the 257-acre district’s new expiration date would be Dec. 31, 2027. The budget for the district, which includes portions of Fullerton, Milwaukee, and Armitage avenues in Logan Square, would increase from $136 million to $196.7 million.
The district amendments are intended to support the mixed-use rehabilitation of the landmark Congress Theater complex at 2135 N. Milwaukee Ave. as a live performance venue with mixed-income housing and retail uses. Approximately $27 million in TIF support for the project, introduced to City Council in March, is pending in committee.
The amendments would also support the reconstruction of Milwaukee Avenue between Belmont Avenue and Logan Boulevard and the reconfiguration of the Logan Square traffic circle at the intersection of Milwaukee, Kedzie, and Logan.
TIF districts use new property tax growth within their boundaries to help fund improvements identified in formal redevelopment plans.
Original source can be found here.
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