The ordinance approves Amendment No. 1 to the South Chicago Tax Increment Financing (TIF) Redevelopment Plan and Project. This amendment extends the plan’s expiration date to December 31, 2036, enabling continued funding for redevelopment initiatives in the area. The amendment revises the financial plan, allocating a total budget of $34,322,610 for various projects, including affordable housing construction, public works improvements, and environmental remediation.
This amendment ensures that redevelopment efforts in South Chicago can continue to receive financial support. It addresses critical community needs, including affordable housing and infrastructure improvements, while fostering economic growth in the area.