December 12, 2018

City Council Approves Plan to Terminate Five TIF Diistricts

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City Council approved a plan today to terminate two South Side and three North Side Tax Increment Financing (TIF) districts. The terminations will dissolve the districts prior to the end of their statutory designation periods.

The Read Dunning TIF district in the Dunning community will be terminated nine years before its planned expiration date, having successfully achieved its goal of supporting the mixed-use redevelopment of the former Chicago-Read Mental Health Center. Established in 1991, the 225-acre district has an unallocated balance of approximately $5,000. Upon its termination, all unallocated increment will be distributed to the various taxing jurisdictions that receive tax revenues from district properties. The City of Chicago’s share is estimated at $1,100.

The Ravenswood Corridor TIF in portions of Lake View, North Center, Uptown and Lincoln Square will be terminated 11 years before its planned expiration date due to inactivity. The 78-acre district was established in 2005 to help facilitate the rehab and development of high-tech and light industrial employers. Upon its termination, an unallocated balance of approximately $1.4 million will be proportionally redistributed to the various taxing bodies that receive tax revenues from district properties. The City of Chicago's share is projected at $322,000.

The Calumet/Cermak TIF district on the Near South Side will be terminated three years before its planned expiration date, having successfully achieved its goal of supporting the mixed-use redevelopment of the former R.R. Donnelley & Sons printing complex and adjacent land. Established in 1998, the 11-acre district has an unallocated balance of approximately $13.5 million. Upon its termination, all unallocated increment will be proportionally redistributed to the various taxing bodies that receive tax revenues from district properties. The City of Chicago's share is projected at $3.1 million.

The Weed/Fremont TIF on the Near North Side will be terminated 14 years before its planned expiration date due to lack of redevelopment activity. The 2.6-acre district was designated in 2008 to revitalize vacant land and a large industrial building. Upon the district’s termination, an unallocated balance of approximately $933,000 will be proportionally redistributed to the various taxing bodies that receive tax revenues from district properties. The City of Chicago's share is projected at $215,000.

The Drexel Boulevard TIF will be terminated eight years before its planned expiration date, having successfully achieved its 2002 goal of supporting the redevelopment of vacant land in the Oakland community with new mixed-income housing. Established in 2002, the 16-acre district has an unallocated balance of approximately $314,000. Upon its termination, all unallocated increment will be proportionally redistributed to the various taxing bodies that receive tax revenues from district properties. The City's share is projected at $72,000.

None of the districts have pending projects or obligations. The terminations will take effect on Dec. 31, 2018.

 

 

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