Tax Increment Financing

The Greater Southwest Industrial Corridor (East) is a part of a larger planning program intended to strengthen a major manufacturing and transportation area on the southwest side of the City of Chicago. TAI prepared the TIF Redevelopment Plan for this 320-acre area, which is dominated by industrial uses, rail yards, and vacant land. The 40-million dollar budget anticipated in the TIF plan includes funds for building rehabilitation, street paving, and improvements to viaducts and grade crossings. In addition, the centerpiece of the district is the redevelopment of a 64-acre opportunity site. This site consisted of an abandoned drive-in theater and vacant land, which was subject to extensive illegal dumping of construction and automotive debris. The first occupant of this site is StyleMaster, a manufacturer of plastic containers whose 50 million dollar factory and distribution center will contribute approximately 550 jobs to the area. In the long run, the improvements funded by the TIF plan will help stabilize and enhance this important industrial area on the Southwest Side of the City.