Encompassing land surrounding the former Sears Roebuck and Co. headquarters complex in the North Lawndale community, the Homan/Arthington TIF is designed to promote mixed-use redevelopment and to assist new construction projects on vacant and underutilized land. Goals include the creation of mixed-income housing and the rehabilitation of the former Sears administration building for mixed commercial uses. Funds are also targeted for public infrastructure improvements, and land assembly and preparation.
- Sponsors-City of Chicago; Shaw Companies
- Consultant-S.B. Friedman & Company
- Date Created-2/5/98
- Commercial, Residential
- Interdependent with Homan-Roosevelt TIF
- TIFWorks Eligible
- Reduce or eliminate conditions that qualify the area as a blighted or conservation area
- Increase the value of taxable parcels within the Redevelopment Project Area
- Provide opportunities for women and minority businesses to share in the redevelopment of the Project Area
- Replace or repair all infrastructure to facilitate the construction of new housing
- Rehabilitate and upgrade existing commercial structures
Generate resources for the acquisition of vacant parcels, clearance of blighted improvements and environmental remediation
|Property Acquisition, Site Prep, Demolition, Environmental||$200,000|
|Rehabilitation of Existing Buildings||$2,150,000|
Visit http://www.scribd.com/doc/60858816/TIF-Town-Hall-Presentation-2011-Burgundy to see a complete analysis of all North Lawndale TIFs.