PARK DISTRICT BOARD VOTES TO APPROVE FUNDING FOR PLAYGROUND REHAB PROJECT AT RUTHERFORD SAYRE PARK
Release Date: 11/12/08
The Chicago Park District’s Board of Commissioners is expected to accept a transfer of $300,000 in TIF (tax increment financing) funds from the City of Chicagofor the development of a playground at RutherfordSayrePark, 6871 W. Belden Ave.
The Board of Commissioners will vote on the recommendation today. Upon the Board’s approval, the funding will help finance the rehabilitation of a playground in the blighted neighborhoods of Montclare and Austin on the City’s west side (36th Ward). Additionally, funding from a $100,000 grant on behalf of Alderman William J.P. Banks and $90,000 in community contributions will go toward this playground rehabilitation project. Total cost of the playground renovation will be $490,000.
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.
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