The 23-year terms of five Tax Increment Financing (TIF) districts would be extended by 12 years each under a proposal introduced to City Council today by Mayor Brandon Johnson.  

The expiration dates for the 24th/Michigan, 111th/Kedzie, Clark/Montrose, Galewood/Armitage, and Woodlawn TIF districts would change from Dec. 31, 2023, to Dec. 31, 2035. The districts’ budgets would also be increased at a rate equal to the consumer price index plus 5 percent, except for the 24th/Michigan district budget, which was increased in 2019.  

The amendments would enable the continued use of incremental property tax revenue to support infrastructure upgrades, affordable housing, school improvements, and economic development projects, among other eligible costs within each district.  

###