Tax Increment Financing

Property at the intersection of the Kennedy Expressway and Kimball Avenue is composed of a mix of commercial businesses and light industrial operations. Rather than allow one use to overtake the other, the City of Chicago contracted TAI to prepare a Tax Increment Financing Redevelopment Plan and Program. The Kennedy Kimball TIF Redevelopment Plan will help industrial users remain in the area by providing assistance for more efficient and functional site improvements. TIF assistance will also be used to minimize conflicts with adjacent residential and commercial properties. The Plan will also focus on improving and maintaining the three commercial nodes located within the 152 acre project area. Located at the intersections of Addison Street and Elston Avenue, Belmont and Kimball Avenues, and Addison Street and the Kennedy Expressway these businesses will need facade and site improvements to continue to provide quality goods and services to area residents. Perhaps unique for a TIF district, the $49 million budget will be utilized to maintain a balance between the commercial and industrial uses, recognizing they both contribute significantly to the vitality of the area.