"This is probably one of the most sought-after TIFs in terms of what the legislation was intended to do and can do," says TIF consultant Ernest Sawyer. "There is an interest in the area coming back. It has a great opportunity to stimulate development and take it back to the historical significance it had years ago."
The neighborhood four miles south of the Loop, between the Dan Ryan Expressway and lakefront, "was once a bustling center of commerce and entertainment" in the African-American community, says department of planning and development project manager Kimberly Moore. However, 130 acres – nearly a quarter of the TIF area – consists of vacant lots, notes city planner Robert Ruhloff. Half of those vacant lots are now owned by the city, he adds. One notable structure in the TIF district is a 500-unit apartment hotel that is vacant, Ruhloff notes, and could be bought as a result of the TIF designation.
Alderman Dorothy Tillman says talks are being held in an attempt to bring Chicago's famed "Second City" to the 47th Street and King Drive area. However, the goal is to establish businesses, including entertainment venues and restaurants, that would be owned and operated by African-Americans, creating a neighborhood similar to Greektown or Chinatown.
"I think it's going to be very good for the community," Tillman says. "It's going to help the surrounding communities."
The proposed TIF budget calls for $32 million to be spent on public improvements with another $30 million going to rehab structures, Ruhloff says. As tax revenues above the current levels are siphoned off into the TIF pool, there may be money for a Neighborhood Improvement Fund, he adds. That would give owners of multifamily rental proposals grants up to $5,000 per unit, up t a maximum of $50,000, for exterior renovations.
Most residents at a public hearing voiced support for the project.
"Some people were concerned they were not in the TIF," Tillman notes.
The recommendation goes to the city plan commission and then to the city council, where approval is expected.
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