Ordinance O2025-0015978
Active
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Intergovernmental agreement with Chicago Park District to provide tax increment financing (TIF) funds for improvements at Piotrowski Park, 4247 W 31st St
Auto-generated summary
Under the Tax Increment Allocation Redevelopment Act, the City of Chicago finances projects like Donovan Park, supervised by the Chicago Park District, using the Redevelopment Area Increment. The Department of Planning and Development, led by the Commissioner, uses part of the Increment for TIF-Funded Improvements, including the Park District's capital costs, detailed in the Project Budget. The City and the Park District plan an Agreement for these improvements, overriding any conflicting Municipal Code of Chicago provisions, effective upon ordinance passage and approval.
