Homan-Arthington

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.

 Particulars

  • Sponsors-City of Chicago; Shaw Companies
  • Consultant-S.B. Friedman & Company
  • Ward-24
  • Date Created-2/5/98
  • Termination-2/5/21
  • Commercial, Residential
  • Interdependent with Homan-Roosevelt TIF
  • TIFWorks Eligible

Project Goals

  • 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

Redevelopment Budget

Project Type Amount
Professional Services/Administration $150,000
Property Acquisition, Site Prep, Demolition, Environmental $200,000
Rehabilitation of Existing Buildings $2,150,000
Public Improvements $7,000,000
Job Training $500,000
Total: $10,000,000

Visit http://www.scribd.com/doc/60858816/TIF-Town-Hall-Presentation-2011-Burgundy to see a complete analysis of all North Lawndale TIFs.

 

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