The Roosevelt-Racine TIF amendment

07/12/2010 3:41 PM

By Micah Maidenberg

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The Roosevelt-Racine Tax Increment Financing District encompasses a 212-acre stretch of land located roughly between Morgan and Ashland and the blocks on either side of Roosevelt Road. Meant to support redevelopment of the ABLA Homes, it first became active in 1998.
Tomorrow, the Community Development Commission will read the amendment into the public record, according to Department of Community Development spokeswoman Molly Sullivan. A full public hearing before that body is expected for September, Sullivan said.
Click here to download a PDF of the amendment proposed for to the Roosevelt-Racine TIF.
Two to note: the amendment would extend the life of the district for 12 years and expand its budget from $47 million to $87 million in potential spending.
That spending would support Related Midwest's efforts to build out Roosevelt Square, the stalled effort to remake ABLA.
Much recent neighborhood discussion about the project has focused on rental housing Related wants to include in the next phase of building.
Check Chicago Journal and Thursday for more details about this story.

As I noted in my story about the extension this week, the item was pulled from the Community Development Commission agenda Tuesday. Click here to read more.

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