The ordinance approves Amendment No. 1 to the Diversey/Chicago River Tax Increment Financing (TIF) Redevelopment Plan. This amendment expands the redevelopment project area boundaries, updates the redevelopment goals, and provides financial mechanisms to support infrastructure improvements and community revitalization. The TIF aims to stimulate economic growth, improve public spaces, and enhance the quality of life for residents in the area.
This amendment ensures the continued growth and redevelopment of the Diversey/Chicago River area, providing funding for vital community projects. It aligns with the city's strategic goals to enhance infrastructure, promote economic vitality, and improve urban living standards.