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CHICAGO-A West Side hospital is in line to be the major beneficiary of a new tax increment financing district. The Harrison/Central redevelopment area is expected to generate $41 million in tax increment financing revenue, the majority of it expected to go to Loretto Hospital for renovation and expansion.

The 67-year-old not-for-profit hospital at 645 S. Central Ave., just north of the Eisenhower Expressway, plans to expand its emergency room, renovate all patient rooms, build a new office building and day care center, as well as add a dialysis center and improve infrastructure of facilities that are more than 40 years old. The work is expected to take four years.

Construction costs and property acquisition for expansion are expected to be more than $25 million, according to a budget prepared by the city's Department of Planning and Development. Included in a $41-million budget is $9 million for public works improvements. The hospital, the largest non-government employer in the Austin community, is across Central Avenue from the 141-acre Columbus Park, which borders the village of Oak Park on the west.