Committee on Finance
TL;DR
The Chicago Finance Committee approved multiple redevelopment projects across the city, focusing on affordable housing, community spaces, and infrastructure improvements. These projects will transform vacant properties into health centers, performing arts theaters, workforce training facilities, and community event spaces, primarily using Tax Increment Financing (TIF) assistance.
Key Decisions
- Affordable Housing Development at Multiple West Chicago Locations Passed
- CircEsteem Headquarters at Former Lakeside Theater Passed
- Community Performing Arts Theaters on Cottage Grove Ave Passed
- Aspire Center Workforce Training Facility in Austin Neighborhood Passed
- Winnemac Park Sports Field Renovations Passed
Agenda
- Attendance
- Approval of Rule 45 report of previous meeting
- Direct Introduction - report March 2023 cases
- Direct Introduction - payment of various small claims against City
- Denial of various small claims against City
- Direct Introduction of Redevelopment Agreement for 4713 N Western Ave including sale of property
- 1 Amendment of Municipal Code Chapter 11-12 regarding Utility Billing Relief ProgramOrdinance
- 2 Authorization of development and use of facilities in Durkin Park and adjacent property and execution of associated water supply agreement with City of JolietOrdinance
- 3 Loan restructuring agreement with Parkside Terrace Apartments LLC for acquisition and rehabilitation of apartment buildings at 128-130 N Parkside Ave, 143 N Parkside AveOrdinance
- 4 Sale of properties to, demolition and redevelopment agreement with and allocation of tax increment financing (TIF) assistance for 548 Passive HP LP, 548 Humboldt Park, Inc. LLC to erect affordable housing at 3831 W Chicago Ave, 3853 W Chicago Ave, 739 N Springfield Ave and 741 N Springfield AveOrdinance
- 5 Redevelopment agreement with CircEsteem, Inc. incorporating eligible or reimbursable tax increment financing (TIF) costs and Chicago Recovery Plan Community Development Grant for development of former Lakeside Theater at 4730 N Sheridan Rd as operational headquartersOrdinance
- 6 Redevelopment agreement with and allocation of tax incremental financing (TIF) assistance to Lillian Marcie Legacy Company for rehabilitation and development of property at 4341-4343 S Cottage Grove Ave as two community performing arts theaters including accessory space and roof-top deckOrdinance
- 7 Mixed-use redevelopment agreement with and allocation of tax incremental financing (TIF) assistance to developers Westside Health Authority, Austin Coming Together, and QALICB for creation of Aspire Center at 5500 West Madison St with sublease opportunities for workforce and manufacturing training, financial services, and dedicated community and parking areasOrdinance
- 8 Second amendment to Madison-Austin Corridor Tax Increment Financing (TIF) Redevelopment Project and Plan regarding extension of completion dates and retirement of tax increment financing debt obligationsOrdinance
- 9 Redevelopment agreement with and eligible cost reimbursement utilizing tax increment financing (TIF) assistance to developer Team Pioneros LLC for properties at 4000 W North Ave and 4008 W North Ave for use as office, commercial tenants and community event spaceOrdinance
- 10 Redevelopment agreement with and allocation of eligible tax increment financing (TIF) funding assistance to Celadon Construction Corporation NFP, Celadon Partners LLC, Blackwood Development Partners LLC , to-be-named prime tenant, to-be-formed QALICB, collectively developers, to improve former Goldblatt properties at 4700 S Ashland Ave, 4707 S Marshfield Ave and 1635-1643 W 47th St as federally-qualified health center, retail space, and separate new commercial purpose building shellOrdinance
- 11 Intergovernmental agreement with Chicago Park District and allocation of eligible tax increment financing (TIF) assistance for renovation of outdoor baseball, tennis, soccer fields, additional lighting and pavement of pathways at Winnemac Park, 5100 N Leavitt StOrdinance