TIF (Tax Incremented Financing)
First established in Chicago in 1984, tax increment financing (TIF) is a tool intended to encourage economic development by providing public dollars to incentivize investment in areas that meet certain conditions of blight, decay, or underperformance. In reality, however, TIF districts generally have not spurred the desired investment in the areas that have needed it the most. Currently, TIF districts cover approximately one-third of the land in Chicago.
Since joining the City Council, Alderman Martin has prioritized TIF reform, including through legislation that proposes to annually "surplus" any existing TIF funds that have not been designated for redevelopment projects.
In the 47th Ward, Alderman Martin supports the use of TIF funds in a limited number of situations -- specifically, improvements to public buildings like schools, park district field houses, and libraries; alterations to streets and sidewalks that will improve pedestrian and bike safety; and the preservation and creation of affordable homes.
Revere Park Renovations - $1.5M
Alderman Martin has decided to support the Park District’s request for $1.5M in TIF funds from the Western Avenue South TIF to proceed with much-needed structural work in Revere Park.
Alderman Pawar previously approved TIF funds to be used to renovate the Revere Park Clubhouse and the Boys & Girls Club building (including making them ADA-accessible and repairing roofs and windows). While those renovations were underway, the Park District identified a severe need for additional work, most notably structural changes to the roof of the Boys & Girls Club to allow for the installation of an HVAC system.
Alderman Martin agrees that the additional funding is necessary for the entire renovation project to be successfully completed so that the community may fully benefit from the facilities at Revere Park.
Lane Tech Heating Improvements - $10M
Alderman Martin has decided to support the Chicago Board of Education's request for $10M in TIF funds from the Western Avenue South TIF to replace Lane Tech High School's high-pressure steam mechanical system, which controls the heat in a building that serves well over 4,000 students and educators.
Prior to supporting the request, Alderman Martin reviewed a detailed written description of the problems associated with the existing system -- which is estimated to be over 60 years old -- and conducted a site visit with Lane Tech's Principal and maintenance staff. During the site visit, School personnel called attention to the system's recent poor performance, noting among other things that both major and minor leaks occur annually.
Chicago Public Schools (CPS) estimates that the project will cost approximately $41.1M, and plans to use capital funds to cover the remaining $31.1M in project costs. In addition, CPS anticipates that by utilizing TIF funds to cover a portion of the replacement costs here, CPS will have additional capital funds to which it can allocate to public schools that are not currently located within a TIF district.
McPherson Building Automation System - $400K
Alderman Martin has decided to support the Chicago Board of Education's request for $400,000 in TIF funds from the Western Avenue North TIF to upgrade, repair, and recertify McPherson Elementary's building automation system, which controls the environmental and mechanical system in the building.
Prior to supporting the request, Alderman Martin discussed the problems associated with the existing system at length with School representatives as well with senior infrastructure professionals within Chicago Public Schools. In recent years, the Chicago City Council has allocated millions in TIF funds to improve the building automation systems at multiple elementary schools across Chicago.
Western Ave CTA Station - $8M
Alderman Martin decided to support the Chicago Transit Authority's request for $8M in TIF funds from the Western Ave North TIF to renovate and upgrade the CTA Western Brown Line Station and adjacent bus turnaround.
The project will include new lighting, painting, materials replacement, signage, mechanicals and drainage; replacement of two aging elevators; and improvements of the bus turnaround area, walkway entrances, staircases, stationhouse exterior and plaza, mezzanine, and platforms. This $8M TIF approval will be paired with $22M in federal, state, and CTA funds, bringing the total project fund amount to $30M.
Notably, the 2019 Lincoln Square Master Plan called on the City to improve the Western Brown Line Station as well as the plaza, passageway under the tracks, and the parking lot that directly abut the Station. Design-related work regarding the final three elements is actively underway, following community visioning efforts led by the Lincoln Square Ravenswood Chamber of Commerce and the 47th Ward Office.
4715 N Western Ave - $12M
Alderman Martin decided to support a non-profit affordable housing developer's request for $12M in TIF funds from the Western Ave North TIF to build a mixed-use, affordable development at 4715 N Western Ave. This project has the support of the Lincoln Square Ravenswood Chamber of Commerce, Heart of Lincoln Square Neighborhood Association, Greater Rockwell Organization, Lincoln Square North Neighbors, and Build Housing Now coalition. Also in support are the Department of Housing, the Department of Planning and Development, and the Mayor’s Office.
This project will include 65 new affordable homes; ground floor commercial space and expanded outdoor public space, consistent with the vision laid out in the 2019 Lincoln Square Master Plan; a second floor parking deck that will include 36 parking spaces; and a parking entrance on Western Ave, based on feedback from local business owners and residents that a potential entrance in the alley between Lincoln and Western would pose multiple logistical and safety issues.
This project is the culmination of years of community engagement, including four community meetings and a public survey in which approximately 1,000 neighbors participated. Throughout this engagement, our community has time and again come together to affirm its support for expanding affordability, increasing walkability, and supporting our small businesses.