Canal/Congress TIF Expansion Incorporates Greyhound Station Property

The boundaries of the Canal/Congress Tax Increment Financing (TIF) district are expanding to include the Greyhound Bus Station on the Near West Side following approval from City Council today.

The expansion adds 4.3 acres of land at 630 W. Harrison St. into the TIF district that, along with an amended budget and land use plan, will provide potential financial resources to help maintain the station's 37 years of service as the city's principal intercity bus terminal.

In April, the Community Development Commission approved the City's potential acquisition authority for the property and amendments to the district budget.

The 41-acre Canal/Congress TIF district was established in 1998 and is scheduled to expire at the close of 2034.

TIF is a municipal financial tool used to support public and private investment within designated districts. TIF districts use new property tax growth within their boundaries to fund improvements.