Amended Budget Approved for Pilsen TIF District

Amended Budget Approved for Pilsen TIF District

An updated redevelopment plan and budget for the Pilsen Industrial Corridor Tax Increment Financing (TIF) District was approved by City Council today to guide public investments in the southern portion of the Lower West Side.

The $830 million budget prioritizes potential TIF spending within the 907-acre district, including:

• $398 million for public works
• $166 million for building rehabilitation and affordable housing construction
• $149 million for land acquisition and site preparation costs
• $50 million for job training
• $26 million for interest costs
• $25 million for analysis and administration
• $8 million for day care services
• $8 million for relocation costs

Potential investments include improvements to local schools, upgrades to South Branch and Sanitary and Ship Canal bridges and a variety of business assistance and housing projects.

Created in 1998, the district's 24-year term was extended 12 years in 2022. The amended budget is required under the State TIF Act to allocate funding for local improvement projects.

The City's TIF program uses new property tax growth within designated districts to support public and private investments within their boundaries.