Chicago TIF Assistance Not Just For Developers

Traditional candidates for TIF assistance include residential, commercial and industrial projects, however the City has also pledged TIF dollars to construct educational facilities and redevelop cultural institutions. For example, the City and the Institute of Puerto Rican Arts and Culture entered into a redevelopment agreement in which the City agreed to pledge $1 million to the Institute for building renovation and gallery construction. The TIF dollars accounted for approximately 18% of the total project budget. 

The City also pledges TIF dollars to projects developed by local government entities such as the Chicago Park District, the Community College District, the Chicago Board of Education and the Chicago Transit Authority. The City and the Chicago Board of Education entered into an agreement to construct Westinghouse High School and pledged almost $54 million in TIF assistance to the project, or almost 90% of the total budget.

Comments are closed.