Chicago Police Superintendent Eddie Johnson said the new reward is the largest raised exclusively by the community in the city's history.
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Police are still searching for the man who they said killed two people at random in Rogers Park within two days in early October.
WATCH: Surveillance video of Rogers Park murder suspect
Chicago police release video of Rogers Park murder suspect
Douglass Watts, 73, was killed at about 10 a.m. Sunday, Sept. 30, in the 1400-block of West Sherwin Avenue. Witnesses told police they saw a man dressed in black clothing with his mouth covered shoot Watts.
Then at about 10:20 p.m. on Monday, Oct. 1, 24-year-old Eliyahu Moscowitz was shot in the head on the Loyola Park path near Lunt Avenue, police said. He was pronounced dead at the scene. The Cook County Medical Examiner said he died of a gunshot wound to the head.
Police released surveillance video of the suspect, which they believe was taken moments after Watts was murdered.
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In the video the masked man is seen running down an alley. His unique gait is clearly visible as he dodges a puddle and disappears.
"One of the distinctive things about him is his walk and his run, where his feet point out pretty significantly," said First Deputy Superintendent Anthony Ricco at the time.
Police have sifted through hundreds of leads in the five weeks since the shootings.
"The fact that we received 430 independent leads goes to show how this case must be built in connection with the community," Johnson said.
"Someone out there listening or watching right now knows who this person is," Johnson added.
If you have any information or tips to report, contact Area North detectives at 312-744-8261. Anonymous tips can be submitted at CPDTip.com.