In the ensuing seven and a half years, there have been several different developers, countless plans and renderings, TIF money reductions (from $50-60 million to $16 million), hearings, public meetings, city council committees, and more red tape than we ever thought possible.
Unbelievably, it could all be done by mid-week. According to Ald. Cappleman's latest newsletter, the proposed redevelopment plan needs to clear two more hurdles -- approval by the City Council's Finance Committee and the full City Council. We'll know the outcome by Wednesday.
"Next Tuesday, June 21, the Maryville project will go before the City Council Finance Committee, and then, if it passes, for a full vote before the entire City Council the following day. This is a $15.8M TIF development that is located entirely on tax-exempt property, and therefore has no money available in it until a development is built and begins to create tax revenue.
To view the plans for this site, click here."
- Approximately one-third of this TIF amount will go toward rehabbing the Clarendon Park Community Center, which is the only way funding for this can be obtained.
- Approximately another third of this TIF will go toward rental subsidies for people with extremely low incomes, the ones who are most at risk for becoming homeless.
- Because on-site affordable housing is for people earning 50% of the area median income or more, people who are currently living with homelessness would likely never meet the income requirements to live at this development.
- CHA is not allowed to provide units for this development because the poverty rate is too high for this census tract.
- The developer will pay the costs upfront for the Clarendon Park Community Center and the contribution to the Low Income Housing Trust Fund.
- Once this TIF has been paid off, this property will be on the tax rolls for the first time since 1939.