TIFs and SSAs
A Special Service Area or SSA is an economic development funding tool used to augment services in commercial districts. SSAbs funds are managed locally by a group of commissioners who either live or work or both in the designated commercial district boundaries. There are two SSAs within the boundaries of the ward, Westtown SSA or SSA #29 and the Bucktown/WickerPark SSA or SSA #33. There are over 30 SSAs within the City of Chicago.
Westtown SSA’s homepage is here.
Wicker Park/Bucktown SSA’s is here.
Tax Increment Financing (TIF)
Tax Increment Financing, or TIFs, is typically used to assist in capital improvements and the redevelopment of blighted or disinvested areas in municipalities. This strategic tool allows a certain percentage of tax revenue to be placed in a fund over a period of several years. In this way, a locally controlled fund of capital is established in area without raising the property taxes of residents or business owners. TIF funds aid in job expansion through job retention and training programs and fund capital improvement projects such as schools, affordable housing, and commercial ventures.
Although only 13.6% of the 1st Ward falls in a TIF District, Alderman Moreno has been able to secure over $4,000,000 for our local schools and parks, in TIF funding alone. The TIF money used for projects paid for 93% of projects’ total cost, calling for very little outside or CPS funding to complete the projects.