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Chicago City Wire

Wednesday, December 4, 2024

City proposes extension of eight TIF district terms

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Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website

Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website

The 23-year terms of eight Tax Increment Financing (TIF) districts are proposed to be extended by 12 years. These proposals were introduced to the City Council by Mayor Brandon Johnson.

Currently, these districts are set to expire at the end of either 2024 or 2025. If approved, the new expiration dates would be December 31, 2036, or December 31, 2037. The extensions aim to provide continued financial support for redevelopment plans in these areas.

The districts included in this proposal were initially designated in either 2000 or 2001.

Tax Increment Financing is a tool used by municipalities to promote public and private investment within certain areas. TIF districts utilize the growth in property taxes within their boundaries to fund improvements.

For more details on redevelopment plans, projects, maps, and related resources, individuals can visit Chicago.gov/TIF.

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