• City of Chicago Redevelopment Initiatives

  • City of Chicago Redevelopment Initiatives

  • City of Chicago Redevelopment Initiatives

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City of Chicago Redevelopment Initiatives: Motor Row Study

The city of Chicago has a distinguished urban planning and design history and employs an advanced planning and development department to implement the city’s planning and redevelopment objectives. Chicago has long utilized the state of Illinois’ legislation allowing the creation of tax increment financing districts, or “TIFs, to effectuate these objectives.” TIFs are generally understood to be urban renewal districts that foster redevelopment initiatives through subsidies that rely on future revenue from property tax increases. TIFs were created in California in 1952 and their use was widespread in that state for decades, but have fallen out of favor in California because of lawsuits and other challenges. Almost every state in the nation—as well as many countries in the developed world—has legislation that enables government to incentivize redevelop-ment with TIF type districts and subsidies. In Chicago, TIF districts can be created for a period of up to 23 years based on…Log In to Read Full Article

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