Chatham

City Council Approves TIF For Various City Parks

7:45 am on March 5, 2022 By Ian Achong

The Chicago City Council has approved the financing for multiple small-improvement projects of various Chicago Park District properties across the city. A majority of the funds will come from various Tax Increment Financing districts, which are often supported by fees from developers. Many city parks are dealing with aging facilities while handling the demand for open space over the last two years. The investments will affect eight city parks, with six of the smaller projects being as follows:

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City Council Approves New Tax Incentives For Commercial Developments

7:45 am on January 3, 2022 By Ian Achong

The Chicago City Council has approved tax incentives for four redevelopment projects across the city including Uptown, Humboldt Park, Chatham, and New City. All but one of the developments are new with the other being an extension of an existing credit, the incentive is as follows; commercial developments will be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, and 20 percent for the 12th year before rising to the standard 25 percent thereafter. The two classes in this round of approvals are 6(b) due to new construction and 7(a) for redevelopment under $2 million.

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