A pair of Tax Increment Financing (TIF) districts will be designated on the North and South sides under a plan approved today by City Council.
The 107th/Halsted district includes 887 acres of commercial and residential properties in portions of the Morgan Park and Roseland communities. The district is intended to provide resources for property rehabilitation, to address foreclosure issues in the area, and to support improvements to infrastructure and other public amenities. The district is generally bounded by 107th, State, 115th, and Green streets.
The Foster/California TIF district includes 24 acres of institutional buildings and other properties in the Lincoln Square community. The primary purpose of the district is to provide resources for healthcare improvements at Swedish Covenant Hospital, along with upgrades to area infrastructure and other public amenities. The district is generally bounded by Carmen, Farragut, Francisco and Lincoln avenues.
New property tax growth in each of the districts will be used to support improvement projects in the respective areas for the next 23 years.
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