The ordinance approves Amendment No. 5 to the Central West Tax Increment Financing (TIF) Redevelopment Plan and Project. This amendment revises the plan’s expiration date, extending its life to December 31, 2036, to ensure continued redevelopment funding and support for ongoing projects. The amendment also updates the financial plan, increasing the redevelopment budget to $398,074,772 to accommodate new and ongoing project costs, including affordable housing construction, infrastructure improvements, and environmental remediation.
This amendment ensures the continuation of critical redevelopment efforts in the Central West area of Chicago, allowing for extended financial support for affordable housing, infrastructure improvements, and economic growth. The updated budget reflects the city’s commitment to revitalizing underserved areas.