Breaking News         Latest US News              New York News              Fx Tribune

How to Compare Car Insurance Policies?
Mayor Rahm Emanuel has earmarked $16 million in special tax money to try to jump-start the fortunes of struggling shopping areas in eight neighborhoods on the South, Southwest and West sides, the city announced Tuesday.The Thrive Zones program will rely on...

Emanuel sets new retail grant program for struggling shopping areas

Mayor Rahm Emanuel has earmarked $16 million in special tax money to try to jump-start the fortunes of struggling shopping areas in eight neighborhoods on the South, Southwest and West sides, the city announced Tuesday.The Thrive Zones program will rely on...

Emanuel sets new retail grant program for struggling shopping areas

Mayor Rahm Emanuel has earmarked $16 million in special tax money to try to jump-start the fortunes of struggling shopping areas in eight neighborhoods on the South, Southwest and West sides, the city announced Tuesday.

The Thrive Zones program will rely on money raised in tax increment financing districts to pay for $9 million in grants businesses can apply for to rehab buildings within the retail districts. The city is set to partner with local chambers of commerce and community groups to give out up to $7 million more to pay for infrastructure upgrades like new streetlights, as well as business programs to help entrepreneurs succeed in those areas, according to Emanuel's office.

The commercial corridors targeted in the program are all in neighborhoods with large minority populations: Austin, Back of the Yards, Bronzeville, Chatham, Englewood, South Shore, West Humboldt Park and West Pullman.

Black and Latino aldermen have long complained about a lack of attention and money from the city to keep up their once-bustling local shopping districts. While the Thrive Zones program might not have enough money to reverse commercial decline in some of the city's toughest neighborhoods, it gives Emanuel a chance to hand out contracts and build alliances in these areas. And it could give him something else to mention to counter criticism that he cares most about the success of downtown and other wealthier neighborhoods.

TIF money can be controversial as the city and Chicago Public Schools make cuts and raise taxes to make ends meet. For up to 23 years, the special districts freeze the level of tax payments from properties within specified borders. As the value of the properties therein increases, the money that would usually go to higher tax payments toward government budgets instead goes to a fund to pay for local improvements.

Critics have decried the TIF districts as mayoral slush funds. Emanuel repeatedly has declared TIF money not dedicated to specific projects as surpluses, returning tens of millions of dollars to the general fund budgets of the school district and other government entities.

The Emanuel administration also announced this week that it would accept applications for $4 million in grants through the Neighborhood Opportunity Fund program. Emanuel created this fund last year to allow developers to construct bigger buildings near downtown in exchange for payments that would go toward promoting commercial developments on the West, South and Southwest sides.

jebyrne@chicaagotribune.com

Twitter @_johnbyrne

Our editors found this article on this site using Google and regenerated it for our readers.

Publish Date : 28 Şubat 2017 Salı 17:34

Breaking News Headlines

Tipping in America- What Should You Know as a Traveler?
Tipping in America- What Should You Know as a Traveler?
Sepi proposes to the ex-minister Miguel Sebastian as a director of Indra
Sepi proposes to the ex-minister Miguel Sebastian as a director of Indra
There are two Spains in the employment
There are two Spains in the employment
Valerio dodge the shock with the CEOE and downgrade to 7% the rise of the bases maximum contribution
Valerio dodge the shock with the CEOE and downgrade to 7% the rise of the bases maximum contribution
Spain puts an end in the EU in four years of cuts in the quota of hake south
Spain puts an end in the EU in four years of cuts in the quota of hake south
The US Federal Reserve raises interest rates to 2.5%, but cooled expectations for 2019
The US Federal Reserve raises interest rates to 2.5%, but cooled expectations for 2019
Carlos Torres throws a 'dance' of managers in BBVA to promote the transformation of the bank
Carlos Torres throws a 'dance' of managers in BBVA to promote the transformation of the bank
One out of every three temporary contracts signed in the Basque country does not last one week
One out of every three temporary contracts signed in the Basque country does not last one week
Balearic islands, get the worst education in Europe
Balearic islands, get the worst education in Europe
The nine highways rescued will be free for the night and will fall by up to 30% during the rest of the day
The nine highways rescued will be free for the night and will fall by up to 30% during the rest of the day
Mango asks for a syndicated loan of 500 million to refinance its debt until 2023
Mango asks for a syndicated loan of 500 million to refinance its debt until 2023
Calviño: "it is Not desirable, from any point of view, the extension of the Budgets"
Calviño:
POLLS Results ALL
Who is the most powerful actor in Syria

Front Pages
  • The Sun
NEWS ARCHIVES