The city council approved using tax increment financing in 1992, says John Molloy of the Department of Planning and Development. However, six parcels remain vacant or underused, he adds. The city owns property at 4550 S. Racine Ave., Molloy explains, and is looking to assemble surrounding irregularly-shaped lots.
Acquisition authority gives the department a green light to order appraisals, issue a request for proposals as well as explore potential environmental issues, Molloy says. "We suspect environmental issues, which is typical of old railroad properties," he says.
Wheeler Trailer owns property on the odd side of the 4600 block of South Racine Avenue while Unichema North America has property on the even side, according to property records.
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