You know that Borders on Lake Park, or the McDonald’s across the way? Well, before those establishments were built, the owners and company representatives came before the 53rd Street TIF Advisory Council to make sure their development plans made sense.
The 53rd Street Tax Increment Financing Advisory Council is a group of 13 people who live, work or operate a business in Kenwood or Hyde Park. The council members are volunteers appointed by Ald. Toni Preckwinckle, who started the council in 2001.
Offering recommendations to the alderman and interested business operators is just one of the council’s functions, along with sharing local announcements and discussing results from community studies. TIF, or Tax Increment Financing, refers to the added value new development projects bring to an area that result in increased real estate taxes. Chairman Howard Males, explained the council’s other important function like this: “When you build something, it brings in new money. So if something values X, but a development improvement increases its [real estate tax] value to X plus 10, that $10 becomes money the TIF Council can recommend for use,” – with a small portion subtracted for the council’s administrative costs.
After hearing public concerns and taking a vote, Council members take their recommendations to Alderman Preckwinkle, who decides whether to formally request that the city release the funds. The Council has over $3,700,000 to recommend for projects like CleanSlate, the job training program, or renovations at Canton Middle School. Representatives for each of these initiatives presented their ideas to the council. It can also recommend that the money be used for infrastructure projects like repairing a street or putting in a street light.
Though council members are appointed to initial terms of three years, anyone can participate in one of the three committees: The R&R Committee is most concerned with the aesthetic appeal of new developments; the Access and Accessibility Committee wants people to be able to walk, bike, drive, or take public transportation down 53rd Street without any problems; and the Planning and Development Committee are the folks you want to talk to before tearing something down, building something up or reconstructing an existing building for a new use.
Inclusive deliberation like this is how a community develops into a place that everyone can enjoy. “We’re setting up a place for people to come to a consensus,” said Males, who has lived in Hyde Park since 1976. “All stakeholders understand what it takes to get something from dirt to development – that is listening and discussing things in a civil environment where there’s protection in the fact that we’re all neighbors.”
The Council meets on the second Monday of every other month. Stay tuned for the next meeting in September.
For more information, explore the fact sheets on the city’s community development website.
