Mayor Emanuel announced a series of TIF reforms on Monday, implemented based on recommendations from the TIF reform task force convened by the Mayor immediately upon taking office.

To promote increased transparency, the City will create a comprehensive online TIF database, which will track all projects in one place and provide public access to performance data and dashboard. For the first time, City staff that manages the TIF program will be able to use this comprehensive data in evaluating and managing TIF projects, and the public will have a better picture of how taxpayer dollars are being spent.

Mayor Emanuel announced these reforms at St. Elizabeth Hospital in Wicker Park, the site of Resurrection University’s new nursing center. Resurrection University will relocate from Oak Park to Chicago, bringing 77 jobs and more than 500 students in the burgeoning field of nursing, as a result of TIF assistance it will receive. The relocation will be made possible by TIF assistance, in the amount of approximately $4.7 million. Financing for the project was secured in October of 2011; the entire project cost is over $13 million.

The project involves the renovation of approximately 38,900 square feet of vacant space on five floors of the eleven-story St. Elizabeth Hospital building at 1431 North Claremont Avenue in the West Town community area. The renovation will provide classrooms, a student lounge, cafeteria, conference rooms, offices and an operating room simulator. The property is located in the Humboldt Park Commercial TIF District. The TIF reforms are effective immediately, and will be implemented over the course of 2012.