The city is targeting a portion of Bronzeville’s Grand Boulevard neighborhood for redevelopment.
Officials at the Chicago Department of Planning and Development are designating a new Pershing/King Tax Increment Financing district, 26.6 acres from Pershing Road to 41st Street between King Drive and Vincennes Avenue.
The area includes mostly residential buildings — 471 residential units, with 397 in 42 multifamily buildings, according to the city’s feasibility study that qualified the area as TIF-eligible. About 61 of those units were vacant, a Chicago Department of Planning and Development project manager told the Community Development Commission this month.
The TIF designation aims to revitalize the area around the Pershing Road commercial corridor by drawing development to the vacant lots there and bringing Small Business Investment Fund rehab grants to qualified owners of existing buildings.
Qualified residents who live near that commercial district will be able to use similar grants to rehab their homes. Those funds would come from the TIF funded Neighborhood Improvement Program, administered through the Chicago Department of Housing.
Of the Pershing-King TIF district’s $18 million budget, $9 million is dedicated to rehab and repair of existing buildings and $3.5 million is earmarked for assembling and preparing land for development.
The TIF is also expected to help fund renovation of the 30-year-old, 420-unit Paul G. Stewart Apartments at 400 E. 41st St.
