In the city of Chicago Business Improvement Districts (BIDs) are referred to as Special Services Areas. In addtion to the ongoing efforts of the Lincoln Square Chamber of Commerce to provide technical, educational and marketing opportunities to the Lincoln Square business district, a Special Service Area (SSA #21) is also administered by the Chamber of Commerce. Oversight and direction of SSA #21 are provided by a board of Commissioners that are made up of local property owners within the SSA boundaries. These Commissioners help to set the focus of the SSA, which is to provide beautification, maintenance, and marketing of the Lincoln Square business district.
For more information on Special Service Areas visit the City of Chicago online.
What is a Tax Increment Fund (TIF)?
Tax Increment Financing (TIF) is a City of Chicago program developed pursuant to legislation of the State of Illinois which provides governmental incentives to private developers to stimulate investment in areas which have difficulty attracting development. It is used in areas which are "blighted" or are in danger of becoming blighted (conservation areas), as defined by the state law which governs TIFs.
Estimated TIF Costs
The City of Chicago approved a $61,000,000 project budget for the life of the Western Avenue North TIF, with nearly two-thirds of the funds reserved for public works, land assembly and improvement. Learn how your business can access TIF funding through programs available to business or property owners within the Western Avenue North TIF district by contacting the Lincoln Sqaure Chamber of Commerce office.
Small Business Improvement Fund (SBIF)
The City of Chicago's Small Business Improvement Fund will reimburse building owners for TIF-eligible investments. Projects must preserve building stock, improve neighborhood appearance or economic value, and enable businesses to stay in the neighborhood, remain competitive, or even expand within the TIF District. For detailed information on eligible applicants, funding, and requirements please either contact the Lincoln Square Chamber of Commerce office or visit www.somercor.com.
Department of Business Affairs and Consumer Protection (DBA)
The Department of Business Affairs and Consumer Protection's mission "is to empower businesses to grow and succeed by providing information and services to help businesses act responsibly and create economic vitality and vibrant communities for the people of Chicago." DBA provides business consultation to guide smaller businesses through the government process. For more information on workshops and services contact the Department of Business Affairs and Consumer Protection.
Department of Business Affairs and Consumer Protection
121 N. LaSalle Street
City Hall - Room 805
Chicago, IL 60602