A new park on the Near South Side will be financed through a Tax Increment Financing (TIF) plan approved today (February, 10th 2016) by City Council.
TIF assistance in the amount of $2 million will enable the construction of a half-acre "pocket park" by the Metropolitan Pier and Exposition Authority (MPEA) at 2099 S. Prairie Ave.
Intended for use by area residents and visitors, the park will include a playground, water play area, a fenced dog area, and a plaza with seating. To be financed entirely by TIF, the park is part of the "Elevate Chicago" expansion initiative involving MPEA and other properties around the McCormick Place convention center.
(Hat tip: CD!)