The Chicago Community Development Commission approved funding for two new projects in Little Italy and East Garfield Park earlier this month using Tax Increment Financing (TIF). According to Curbed Chicago, the projects will be partially funded through TIF, which uses property tax revenue to subsidize infrastructure and real estate development in blighted areas. 

One project discussed is a mixed-use building at 1350 W. Taylor St. in Little Italy that will feature a library and mixed-income apartments. The Roosevelt Square Branch Library, Chicago Housing Authority, Chicago Public Libraries, Related Midwest developers, and architect Skidmore, Owings & Merrill will receive $7.1 million in TIF funds for the project. 

The space will include a new Roosevelt Library, which will anchor a seven-story building with affordable and market-rate apartments. 

Since the initial announcement of the project, developers have increased the scale of the building from a four-story unit with 40 low-income units to the current seven-story structure with 73 units. The design and size have not yet been finalized.

While locals are concerned about the low-income housing and its impact on the community, developers argue that a standalone library isn’t financially feasible. 

Another $7 million in TIF money is slated to go toward The Hatchery, a food incubator in East Garfield Park. The 67,000-square-foot space would bring 75 to 100 food entrepreneurs to a city-owned lot along Lake Street and Kedzie Avenue. The Hatchery is a nonprofit designed to bring economic opportunities to the neighborhood and give smaller culinary entrepreneurs the support to grow.

The project is a $30 million development and would also offer coworking and event spaces, mentoring programs, shared kitchens, rental spaces, and 56 private production areas.

The Hatchery is planning to break ground on the space in October or November with plans to open a year later.