September 20, 2018

TIF Assistance Proposed for Park, School Improvement Projects

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A Northwest Side high school and West and South side parks would be improved through Tax Increment Financing (TIF) assistance proposed today to City Council by Mayor Rahm Emanuel.

Addams Medill Park, 1301 W. 14th St.
Addams Medill Park on the Near West side would receive $7 million in TIF to support the construction of a $28 million, 100,000-square-foot sports center that would include an indoor track, artificial turf field, basketball courts, club rooms, offices, and storage. The project is part of the Chicago Housing Authority’s (CHA) ongoing redevelopment at Roosevelt Square, a multi-phase, mixed-income development at the site of the former ABLA Homes. Other funding sources include $6 million from the Chicago Park District, $7 million from the CHA and $8 million in private donations.

McGuane Park, 2901 S. Poplar Ave.
McGuane Park in Bridgeport would receive $5.8 million in TIF to support renovations to the park’s fieldhouse. Improvements to the 37,000-square-foot, two-story building would include new classrooms, LED lighting, offices, a fitness center, and a new entry addition. TIF would finance the entire cost of the project.

Jacqueline B. Vaughn Occupational High School, 4355 N. Linder Ave.
Vaughn Occupational High School in Portage Park would be partially reimbursed with $55,000 in TIF for costs associated with ADA improvements to the school. The remainder of the $542,000 project was paid by the Chicago Public Schools.

 

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