The city acquired the property and 10,000-sf site through a tax sale in 2001. While setting a $225,000 target price, the department of planning and development notes tax increment financing may be available to a developer willing to bring more retail to the Chatham and Greater Grand Crossing communities.
The property is located in the 87th/Cottage Grove TIF redevelopment area, and would represent the first use of tax increment financing for commercial development in her 6th Ward, says Freddrenna Lyle.
"We're looking forward to the department of planning and development and the community to work to improve our commercial area," Lyle says. "Development has jumped over us and jumped around us."
Deadline for proposals is May 26.
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