The trapezoid-shaped site bordered partly by Metra commuter rail tracks has been bypassed by developers, says Robert Ruloff of the department of planning and development's TIF division. Besides being near industrial properties, the nine-acre site has been the former home of an auto repair shop, an auto salvage yard and a plumbing storage yard.
As a result, environmental remediation is required to make the site ready for redevelopment, Ruloff says. JTA Development Inc. will get $3.6 million in tax increment financing under a proposal recommended by the community development commission Tuesday. Without the TIF boost, which basically will come from property tax revenue generated by the new town houses, the project would not be considered, according to the developer.
In addition, the city will sell land worth $43,000, according to a recent appraisal, for $8. The city acquired the land through a tax deed sale.
"We're pleased, and more than a little excited," says 34th Ward Ald. Carrie M. Austin. "We've been looking for this type of development to anchor the southeast corner of Morgan Park."
The project is designed to be a hybrid of suburban and urban development, says Bill James of Camiros Ltd.
Cook County Commissioner Deborah Sims says she is considering moving into the new development. "People want to see something happening here," she says. "It just isn't happening fast enough."
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