Ordinance SO2024-0007326
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
City financial assistance with Tax Increment Financing (TIF) funds, multi-family housing loans and revenue bonds to Parkside Phase III, LP, Cabrini Green LAC Community Dev. Corp., Holsten Real Estate Dev. Corp. for acquisition, construction and operation of low, moderate, and unrestricted income residential complex at 500-520 W Hobbie St, 542, 588-576 W Elm St, 1101-1129 N Cambridge Ave and 1100-1128 N Cleveland Ave
Auto-generated summary
The City of Chicago's Department of Housing (DOH) has approved a $4,250,000 loan to Parkside Phase III, L.P. to fund a 99-unit residential rental facility, as part of the city's Multi-Family Program Funds and $660,000,000 Chicago Recovery Plan (CRP). The project, which includes 65 affordable units and 34 unrestricted units, falls under the Tax Increment Allocation Redevelopment Act and is part of the Near North Redevelopment Project Area, contributing to efforts to combat the city's affordable rental housing shortage.
Alternate identifiers: O2024-0007326
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Locations mentioned
- 500-520 W Hobbie St Chicago
- 588-576 W Elm St Chicago
- 1101-1129 N Cambridge Ave Chicago
- 1100-1128 N Cleveland Ave Chicago
Legislation text
Additional Documents
- EDS Parkside Phase III Financial Assistance_0232_Redacted.pdf
- O2024-0007326 Original Ordinance.pdf
- SO2024-0007326 Committee Letter.pdf
- SO2024-0007326 Cover Sheet.pdf
- Substiitute Redev Agree Exh D OMITTED.pdf
- Substitute Ord Exh A Finance Sources SO2024-0007326.pdf
- Substitute Ord Exhibit B Redev Agreement SO2024-0007326.pdf
- Substitute Redev Agree Exh A Legal Desc SO2024-0007326.pdf
- Substitute Redev Agree Exh B Project Budget SO2024-0007326.pdf
- Substitute Redev Agree Exh C Requisition Form SO2024-0007326.pdf