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City Panel Votes 12-Year Extension for Cabrini-Green TIF District
Plans to redevelop land once occupied by the Cabrini-Green public housing project on downtown’s Near North Side have moved a step closer to reality, Crain’s Chicago Business reported. The city’s Community Development Commission voted to extend the life of the Near North Tax Increment Financing District for 12 years.
The commission voted to keep the TIF through 2033, generating an additional $600 million in tax revenue for projects within its boundaries. The full City Council must approve the measure.
The Near North TIF, created in 1997, was set to end last year. In 2017, the city selected Hunt Development Group to develop 482 units of mixed-income housing on a 6.9-acre parcel within the former Cabrini-Green site.
But progress has been slow, and was slowed further by the pandemic. Without the TIF extension, “there is no project,” Torrey Barrett, principal of Imagine Group, Hunt’s locally based development partner, told Crain’s.
- ◦Development
- ◦Policy/Gov't
