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City Council Votes Early Termination on 4 TIF Districts
Chicago’s City Council voted early terminations for three Tax Increment Financing (TIF) districts on the South Side and one on the North Side. The oldest of the four is the South Works Industrial TIF covering the former U.S. Steel site in South Chicago, which has yet to be redeveloped 20 years after the district was established.
On the city’s Southwest Side, the Harlem Industrial TIF district in Clearing will be terminated 12 years early for lack of substantial redevelopment activity. On the North Side, the Irving Park/Elston TIF will also be terminated for lack of activity, 16 years early.
Conversely, the Pershing/King TIF district in the South Side’s Grand Boulevard neighborhood will be terminated 12 years early, after achieving its primary objective of supporting the construction and rehabilitation of affordable housing.
All four terminations take effect Dec. 31. The TIF districts are administered by the Department of Planning and Development.
Pictured: A proposal to redevelop the South Works site.
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