In addition to deteriorating properties and declining equalized assessed valuation, about 14% of the parcels in the area have changed hands in property tax sales, Hastings says. "This could lead to more widespread disinvestments in the surrounding area," he adds.
Most of the parcels, vacant since 1994, are zoned for multifamily development with a small portion slated for commercial use. "In spite of being vacant for eight years, the site has locational benefits," Hastings says, noting the neighborhood's close proximity to Lake Michigan, Loop, parks and King High School.
No parcels are being targeted for acquisition by the city, Hastings says.
The TIF proposal won the support of the Chicago Housing Authority, the major property owner in the area, as well as the North Kenwood-Oakland Conservation Council.
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