City: extend Near North TIF district 12 years, spend nearly $1 billion

Updated 11 August 2021

Chicago's Community Development Commission (CDC) acted on August 10 to dramatically increase the life and expenditures of the Near North tax-increment financing district.

The move would push the expiration date of the tax-increment financing (TIF) district from 2021 to 2033.

According to a May report from the city's law department titled "Near North Tax Increment Financing Redevelopment Project and Plan Amendment No. 2," the TIF district's project costs are an estimated $921 million.

Prior to the proposed amendment, the TIF district's redevelopment plan identified $281 million in project costs.

"Among the public facilities that may be constructed," the reports says, "are schools, parks, a library, a district police station, and a new transit station," with a combined estimated cost of $250 million. (A detailed breakdown of the proposed projects and their costs appears below.)

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