53rd Street Vision Workshop


53rd Street Tax Increment Financing  (TIF) District

The 53rd St. TIF District

The 53rd Street TIF (pictured above) was created in 2001 as the result of a collaborative community planning process.

A TIF (Tax Increment Financing) district is a development finance tool used to stimulate development in a designated geographic area. The incremental property tax revenues resulting from any new development and the tax revenues resulting from the appreciation of existing property values in the district, are available for use within the district. For more information, please see the ABC's of TIFs prepared by the City of Chicago.

The 53rd Street TIF is unique for two distinct reasons:

  • Governance: A 13-person Advisory Council appointed by Alderman Toni Preckwinkle (4th Ward) serves as a community forum for all projects in the district.
  • Public Purpose: It was established with the primary purpose of using TIF revenues for public improvements to address: parking to support development on 53rd Street, and Canter Middle School’s expansion and renovation needs.

TIF Council meeting dates for 2008

The TIF Council and the SECC prepare an annual report  summarizing its activities from the past year.  TIFormation 2007, TIFormation 2006, and TIFormation 2005 are available here.

The CIty of Chicago's 2006 annual report for the 53rd St. indicates that the 53rd St. TIF has $2, 545,013 available for TIF eligible expenses.

TIF Programs and Services


Small Business Improvement Fund (SBIF):  In 2007 the 53rd St.TIF Advisory Council approved $350,000 to launch the SBIF program which reimburses eligible property owners and/or tenants for up to $150,000 for improvements. Chicago Magazine recently named Chant, pictured aboove, (1509 E. 53rd St, 773-955-2200) to its January “Hot List”.   SBIF Program guidelines and application are available from the SECC.


                   

Job Training and Neighborhood Beautification - In 2007, Cleanslate a job training and neighborhood beautification program began to service the 53rd Street TIF district. Cleanslate interns (pictured above) pick up trash, clean public parking lots and gardens, shovel snow, and promote recycling five days a week in Hyde Park. 

Perhaps more importantly, Cleanslate interns move onto permanent jobs. Already this year, reports indicate that over 35% of the interns have found permanent employment in housekeeping, custodian, cashier/stocker and Cleanslate crew chief positions at an average wage of over $10.00 an hour.

Rehabilitation - One of the initial and primary purposes of establishing the 53rd Street TIF was to assist fund an addition and renovation of Canter Middle School.  In 2007, the TIF Council approved $150,000, and the Chicago Public Schools provided a $150,000 in matching funds to support renovations at Canter Middle School.