Funds generated within individual TIF districts are used to fund local redevelopment projects that provide jobs and services and improve the quality of life for neighborhood residents. For more specifics on TIF-assisted projects, see the examples below or view comprehensive listings under Project Redevelopment Agreements.
Marshfield Plaza is located near the city limits at 119th and Marshfield streets in the 119th/I-57 TIF district. Prior to its construction, the site was home to a large industrial building that had been vacant since 2000. Thanks to the allocation of $26.6 million in TIF funds, the site is now occupied by a Target, Jewel-Osco, Petco, Panda Express and other restaurants and businesses. In addition to the 400 temporary construction jobs, 750 full-time positions are anticipated for the plaza when its fully leased.
Located in the Division/Homan and Humboldt Park TIF districts, the three-building La Estancia project brought nearly 60 affordable, one- to four-bedroom apartments to the 2700 through 3200 blocks of West Division Street. Assisted with more than $1 million in TIF funds, each building in the project includes ground floor commercial spaces to help serve the needs of neighborhood shoppers. Developed by the non-profit Bickerdike Redevelopment Corp., the project generated 25 temporary construction jobs.
Water Saver Faucet
Established in 1946, Water Saver Faucet manufactures a variety of brass and stainless steel faucet assemblies for use in laboratories and other industrial applications. The family-owned company's upcoming expansion project at 701 W. Erie St., and the relocation of its subsidiary, Guardian Equipment, to 1140 N. North Branch St., utilized nearly $6 million in Tax Increment Financing assistance from the Goose Island and Riverwest TIF districts. The project helped to retain the firm's 200 jobs within the City. Renovation and expansion of the new Water Saver Faucet headquarters will begin by the end of 2010.
Ping Tom Memorial Park
Ping Tom Park's 12-acre site was originally a Chicago and Western Indiana Railroad yard located along the the South Branch of the Chicago River. Abandoned by 1998, the site was transformed into an open space and cultural asset for the nearby Chinatown neighborhood. Utilizing $3 million in TIF assistance, the Chicago Park District project created a variety of landscape and infrastructure improvements that reflect Asian design themes. The park was named in honor of the leading force behind its creation, Chinatown's noted civic leader, Ping Tom.