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Committee on Finance

Wednesday, June 14, 2023 · 10:00 AM AM · City Hall - Council Chamber - Chicago, Illinois

TL;DR

The Chicago Finance Committee approved several significant housing and community development projects, focusing heavily on low-income housing initiatives and neighborhood improvements. These projects will use Tax Increment Financing (TIF) funds to support affordable housing developments, theater renovations, and community spaces across multiple city neighborhoods.

Key Decisions

  • Low-Income Housing Bond Issuance for 79th Street Property Passed
  • Redevelopment of Imani Senior Village Passed
  • City Property Conveyance for First Nations Garden Project Passed
  • TIF Funds for Steep Theatre Company Renovation Passed
  • Redevelopment Agreement for Overton Center of Excellence Passed

Agenda

  1. Attendance
  2. Approval of April, 2023 Rule 45 Report
  3. Approval of May, 2023 Rule 45 Report
  4. Items not yet registered with the Clerk at Nos.10 through 13
  5. 1 Restructuring of loan agreement with Renaissance Partners Limited Partnership, Renaissance Partners Corporation for additional financial assistance or modification through Multi-Family grant and Tax Increment Financing (TIF) funds for acquisition and rehabilitation of building at 3757-3763 S Wabash Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  6. 2 Issuance of tax-exempt multi-family housing revenue bonds or notes to DL3 Thrive Exchange LIHTC South LLC for property acquisition at southeast corner of E 79th St and S Exchange Ave to develop low-income rental units, commercial space and federally-funded health center
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  7. 3 Issuance of multi-family housing revenue bonds or notes to New City Redevelopment Limited Partnership for acquisition of property at 515 W 47th St and 1635-1641 W 47th St for construction of low-income housing
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  8. 4 Amendment of ordinance which authorized redevelopment agreement with Imani Senior Village Phase 1 LLC for development of Imani Village at 9633 S Cottage Grove Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  9. 5 Conveyance of City-owned property at 4553, 4555, 4559, 4569 North Pulaski Rd and provision of Open Space Impact Fee funds to Neighborspace for First Nations Garden Project
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  10. 6 First amendment to intergovernmental agreement with Chicago Park District to increase Tax Increment Financing (TIF) funds for renovation of public fieldhouse at Blackhawk Park, 2318 N Lavergne Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  11. 7 Redevelopment agreement with and provision of Tax Increment Financing (TIF) funds to Steep Theatre Company for renovation and construction of new theater venue and community space at 5300-5318 N Kenmore Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  12. 8 Redevelopment agreement with and provision of Tax Increment Financing (TIF) funds to 221 E. 49th Street LLC for development of Overton Center of Excellence at 221 E 49th St
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  13. 9 Redevelopment agreement with and provision of Tax Increment Financing (TIF) funds to Hudson Michigan Avenue Owner LLC for construction of varied income residential units, commercial, retail and event space at 2222 S Michigan Ave
    Ordinance