This would put $3.7 million into debt service and pension funds
Update: Terminated by City Council on December 12, 2018
Mayor Emanuel plans to terminate early five TIF districts. Upon termination, any cash still in the TIF fund would be distributed amongst all local authorities bodies including Cook County, the Chicago Public Library, and the Metropolitan Water Reclamation District).
The Chicago City Council must approve the early terminations.
- Read/Dunning
This TIF district was originally going to expire in 2015, but was extended to 2027 that year. The redevelopment of parts of the Chicago-Read Mental Health Center property has been “successfully achieved”.
Currently has a ~$5,000 balance; Chicago will receive ~$1,100 - Ravenswood Corridor
This is the youngest TIF district of the group, established in 2008, and would be terminated “due to inactivity” (the goal was to “facilitate the rehab and development of high-tech and light industrial employers”).
Currently has a ~$1.4 million balance; Chicago will receive ~$322,000 - Weed/Fremont
This district is only the size of one property, which has been redeveloped into a car dealer; thus, there’s no more redevelopment activity left to fund.
Currently has a ~$933,000 balance; Chicago will receive ~$215,000 - Calumet/Cermak
Site of the former R.R. Donnelly & Sons printing plant, which has been converted to a data center; other redevelopments are the Marriott Marquis, a residential building, and a parking garage.
Currently has a ~$13.5 million balance; Chicago will receive ~$3.1m - Drexel Boulevard
This TIF district “successfully” achieved the goal of redeveloping vacant land into mixed-income housing.
Currently has a $314,000 balance; Chicago will receive ~$72,000
The total “windfall” to the City of Chicago from the five early-terminated TIF districts, to be absorbed into the city’s debt service and pension funds, will be about about $3.71 million.
