PARK DISTRICT RECEIVES FUNDING FOR DEVELOPMENT OF PING TOM MEMORIAL PARK
CITY OF CHICAGO TRANSFERS TIF FUNDS FOR REIMBURSEMENT OF PARKS
Release Date: 09/09/09
The Chicago Park District’s Board of Commissioners approved an orderto enter into an intergovernmental agreement with the City of Chicago accepting the transfer of TIF funds in the amount of $10 million for Ping Tom Memorial Park, 300 W. 19th St.
The Board of Commissioners voted on the recommendation today. Upon the Board’s approval, Ping Tom Memorial Park’s north shoreline would undergo development. This area consists of more than five acres and 875 linear feet of shoreline.
Park improvements will consist of shoreline retaining wall work along the river edge that includes fish habitat, natural shoreline pockets, extension of the Riverfront Trail, landscaping and native plantings, open lawn area for recreation, fishing station, river edge plaza, boardwalk over the water, engineering services, surfacing, and utilities and other park amenities.
The City of Chicago is 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 Chicago has set aside TIF funds in certain TIF districts for the acquisition, development or enhancement of existing parks.
- Contact Phone: 312 742 7529
- Publication Date: 09/09/09