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Lightfoot Proposes TIF for Illinois Port District
The Illinois International Port District, the Great Lakes’ largest port by cargo tonnage, would make two long-overdue infrastructure upgrades through financial assistance proposed to City Council recently by Mayor Lori E. Lightfoot.
The IIPD would complete $16.7 million in rail and roadway improvements to its facilities along the Calumet River through $3.48 million in Tax Increment Financing (TIF) from the Lake Calumet TIF District.
The intergovernmental agreement would help the IIPD rebuild 1.1 miles of railroad tracks and private roadways that are used to receive, transfer and ship raw materials like steel, aluminum, grain, sugar and wood. Located near 130th Street and Stony Island Avenue, the deteriorated roads and railways currently in use are more than 20 years old.
“This capital improvement will increase efficiencies and allow current tenants to grow while attracting new tenants to the port,” said IIPD executive director Clayton Harris III.
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