02/12/2009 05:12 am ET Updated May 25, 2011

City Will Finance 2016 Olympic Village Site With TIF Funds

The city of Chicago will need a tax-increment financing district to develop the Olympic Village planned on the former site of Michael Reese Hospital.

If the city is selected to host the 2016 Summer Games, it will carve out a new TIF district from the existing Bronzeville TIF to help fund new roads, sewers and other infrastructure needed for the Olympic Village planned for the Reese site, said Lori Healey, president of the Chicago 2016 bid committee.

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