PARK DISTRICT RECEIVES FUNDING FOR DEVELOPMENT OF SKINNER 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 $1,050,000 for Skinner Park (Park # 211), 1331 W. Adams St.
The Board of Commissioners will vote on the recommendation today, Wednesday, April 9. Upon the Board’s approval, SkinnerPark would receive a new playground and dog friendly area.
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.
- Contact Phone: 312 742 7529