Monday, November 7, 2016

"Montrose/Clarendon Ready To Go"

From Ald. Cappleman's email newsletter:

"The former Maryville site was officially sold last week to JDL and Harlem Irving. As a result, I'm sure you have seen the new equipment and increased activity at that site. This $125M project will include 381 residential units and a Treasure Island Foods grocer. Click here to review the plans.

Of the $15.88M TIF amount that the city designated for this project, 2/3 of it will be given to help with the rehab of the Clarendon Park Community Center and to contribute funds to the Low Income Housing Trust Fund. This entire TIF district is situated on tax-exempt property, therefore this new development must generate all of its own tax increment before the developers see one penny.

This TIF was created to address a blighted piece of property that has not been on the tax rolls since 1939 and to rehabilitate the Clarendon Park Community Center. Once the full $15.88M has been generated and the Community Center is completely rehabilitated from this TIF, I would want to close this TIF."

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