Ordinance O2023-0006033
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
First amendment to tax increment financing (TIF) redevelopment agreement with 4300 Roosevelt LLC regarding construction project at 4300 W Roosevelt Rd and 4301 W Fifth Ave
Auto-generated summary
Mayor Johnson requests City Council's approval for an amended TIF redevelopment agreement with 4300 Roosevelt LLC for the Roosevelt/Cicero Area Redevelopment Project Area at 4300 West Roosevelt Road and 4301 West Fifth Avenue. The agreement, authorized by a 2022 ordinance, requires amendments to the RDA due to developer's challenges. These include changes to Section 8.05, outlining a Conditional Grant and terms for a Capital Event, and Section 8.06, stipulating Minimum Occupancy and a Jobs Covenant.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |