PARK DISTRICT RECEIVES FUNDING FOR DEVELOPMENT OF DUNBAR PARK
CITY OF CHICAGO TRANSFERS TIF FUNDS FOR REIMBURSEMENT OF PARKS
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 $1,000,000 for Dunbar Park (Park # 267), 300 E. 31st St. The Board of Commissioners will vote on the recommendation today, Wednesday, April 9.
Upon the Board’s approval, Dunbar Park, located in the Bronzeville neighborhood, would receive a new playground. The location of the new playground would be determined during the design process. In addition, a new lighting system will be installed and new pavement would be completed.
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.
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