Despite street improvements and new banners proclaiming a “blues district,” 47th Street has remained largely undeveloped east of King Drive. The city hopes that expanding the 43rd and Cottage Grove tax-increment financing district by 13 percent will help spur development.
The expansion, which would bring the TIF area to nearly 227 acres, comes with a $15 million budget increase, bringing the total to $102 million.
The Chicago Plan Commission has recommended the change, which would add about 11 blocks to the district, running south to 47th and including property on the south side of that street. The city hopes the move will bring new mixed-use development and much needed retail to the community.
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