The City Council approved on May 20 the expansion of the Canal/Congress Tax Increment Financing (TIF) district to incorporate the Greyhound Bus Station property on Chicago’s Near West Side.
This expansion adds 4.3 acres at 630 W. Harrison St. into the TIF district, with an amended budget and land use plan that will provide potential financial resources to help maintain the station’s role as Chicago’s main intercity bus terminal for the past 37 years.
In April, the Community Development Commission gave its approval for both possible acquisition authority over the property and amendments to the district’s budget. The Canal/Congress TIF district was established in 1998, covers a total of 41 acres, and is set to expire at the end of 2034.
TIF is a municipal financial tool that uses new property tax growth within designated districts to fund public and private improvements. The city has used this mechanism in various neighborhoods as part of efforts led by Ciere Boatright, commissioner of the Chicago Department of Planning and Development, who leads a staff exceeding 150 members dedicated to enhancing walkable neighborhoods, accessible waterfronts, business development support, historic preservation, community enhancements, and advancing comprehensive growth policies across Chicago according to the official website.
The addition of this key transportation hub into an existing TIF area could help secure its future operations while aligning with broader city planning priorities.
