City Park Precedents
The City of Chicago has experience and success in the delivery of large-scale, public parks on environmentally-challenged parcels in transforming neighborhoods. Ping Tom Park on the South Branch of the Chicago River and La Villita Park in South Lawndale are good examples of what can be accomplished. Both projects serve as case studies to inform buildout of the North Branch Park and Nature Preserve.
In August 2017, the Chicago City Council established the Industrial Corridor System Fund Ordinance, Chapter 16-8 of the Municipal Code of Chicago, to create new funding tools to promote the city’s vital interests in job creation and a diversified economy.
These tools, together with traditional funding sources such as the TIF districts that will benefit from new development, provide the means for infrastructure and open space reinvestment to support North Branch Corridor redevelopment. The ROI of publicly-owned open space must be considered alongside other important funding priorities in order for balanced development within the North Branch Corridor to be achieved.