Tax Increment Financing Expanded in Grand Boulevard

The new boundaries, as well as an acquisition map that includes 35 properties, were recently recommended for approval by the community development commission and the plan commission. The additions to the project area include about 11 blocks, mostly on the east side of Cottage Grove Avenue, extending south a half-mile to include the south side of 47th Street. Additional mixed-use development, city officials believe, would bring much-needed retail space and services to an area that already is seeing residential redevelopment.

"Residential development east and west of Cottage Grove has been proceeding for a decade now," says 4th Ward Alderman Toni Preckwinkle. Residents and developers told the community development commission the Grand Boulevard neighborhood is becoming a "bedroom" community, which needs commercial development in order to continue redeveloping.

Audrey Mathis of the department of community development says widening the boundaries of the tax increment financing area could allow developers to assemble properties with city-owned land to build larger projects. "We do have a couple of developments identified," she says.

However, 44% of the tax increment financing budget for the area would go to public works programs, which the city hopes will help spur private development that will bring upscale retail stores and social services such as day care centers to the neighborhood.