The Northwest Industrial Corridor Tax Increment Financing (TIF) district would be amended to enhance its support of area businesses and public amenities through a proposal introduced to City Council today by Mayor Brandon Johnson.

The amendment would expand the size of the 1,200-acre district by 33 acres and increase its budget from $119M to $350M to accommodate a 12-year term extension approved by City Council last year. The district is set to expire at the end of 2034.

The TIF district covers portions of Belmont-Cragin, Hermosa, Austin, Humboldt Park, and West Garfield Park. The added funding is largely intended to support local businesses, such as through the Small Business Improvement Fund (SBIF), while the expanded boundaries would include strategic locations where TIF could help support improvements to aging infrastructure and public facilities.

TIF is a financial tool used by municipalities throughout the United States to support investment within designated districts. TIF districts use new property tax growth within their boundaries to help fund improvements identified in their respective redevelopment plans.

###