Ald. Cullerton seeking to extend Read/Dunning Tax Increment District for 13 years
by BRIAN NADIG
Alderman Timothy Cullerton (38th) is seeking to have the life of the Read/Dunning Tax Increment District extended for 13 years.
The TIF district, which was created in 1991, is set to expire in December. The 225-acre district was formed to help finance the transfer of land and structures belonging to the Chicago-Read Mental Health Center to industrial and other uses. Its boundaries run primarily along Irving Park Road on the south, Narragansett Avenue on the east, Montrose Avenue on the north and Forest Preserve Drive on the northwest.
"There is a lot of land there yet to be developed," Cullerton said. He plans to introduce an ordinance which would extend the life of the district, which includes an industrial complex at Montrose and Forest Preserve.
Over the years a new school, a high school sports stadium and the expansion of the city Department of Streets and Sanitation facility at 4243 N. Neenah Ave., have been discussed for the district, Cullerton said. About 9 acres in the district were set aside for a public school several years ago, but it has not been built.
Two years ago the district had about $11 million in available funds.
Some of the district’s funds have been used in recent years to pay for job training and infrastructure improvements at businesses in the district, Cullerton said. This year a portion of the funds will go toward a roadway improvement project on Oak Park between Irving Park and Forest Preserve, he said.