Children's Memorial Hospital Could Qualify for TIF

Childen's Memorial Hospital, located at 2300 North Lincoln Avenue in Chicago's Lincoln Park neighborhood, is trying to decipher whether or not setting their property, which is currently up for sale, would help allocate increases in property tax from certain areas that would pay for structural and other city improvements located in the general area of the hospital.

The improvement program generally last for 23 years after the TIF district has been established or created. Said district would need approval from City of Chicago officials, however, it could also generate substantial interest in the property from real estate developers.

When the sale goes through, Children's Memorial Hospital will likely move to the Streeterville neighborhood in the summer of 2012. The hospital would be located east of Michigan Avenue and be named the Ann and Robert H. Lurie Children's Hospital of Chicago.