PARK DISTRICT RECEIVES FUNDING FOR DEVELOPMENT OF GREENBAUM PARK
CITY TRANSFERS TIF FUNDS & OPEN SPACE IMPACT FEES FOR REIMBURSEMENT OF PARK
Release Date: 04/09/08
The Chicago Park District’s Board of Commissioners is expected to approve an order to enter into an intergovernmental agreement with the City of Chicago accepting the transfer of TIF funds in the amount of $800,000 and transfer of the collected Open Space Impact Fee funds in the amount of $151,793 for Greenbaum Park (Park # 132), 4300 W. Wabansia Ave. The Board of Commissioners will vote on the recommendation today, Wednesday, April 9.
Upon the Board’s approval, GreenbaumParkdevelopment is expected to include a new artificial turf athletic field, playground, walking paths, basketball court, volleyball court, spray pool, landscaping and lighting installations.
The City of Chicagois authorized under the provisions of the Tax Increment Allocation Redevelopment Act to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects. The City of Chicagohas set aside TIF funds in certain TIF districts for the acquisition, development or enhancement of existing parks.
The City of Chicago, through the Open Space Impact Fee Ordinance collects fees from residential developments that create new dwelling units for the creation of additional recreational and open public space facilities to benefit the residents in the community areas of these new residential developments.
- Contact Phone: 312 742 7529