Back of Yards Neighborhood Getting TIF Boost

CHICAGO-A $25-million budget, more than half of it for site preparation and building rehabilitation, comes with designating an area near 47th Street and Ashland Avenue as a tax increment financing district.

By Mark Ruda | Updated on December 27, 2001

CHICAGO-An infusion of $25 million could be headed to the Back of the Yards community following the designation of an area near the intersection of 47th Street and Ashland Avenue as a tax increment financing district. The move has received a favorable recommendation from the city’s community development commission.

According to a department of planning and development budget, $8 million would be sent on site preparation, $7.3 million to rehabilitate buildings and $3 million on public improvements. The newly-created TIF district would cover 325 acres southwest of the old Chicago stockyards.

The northern portion of the TIF district includes industrial and commercial properties, with residential uses predominantly on the southern portion of the area. The city already owns numerous residential lots south of 47th Street, department of planning and development officials say.

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