Ordinance SO2024-0007329
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Issuance of tax increment financing (TIF) grant, multi-family housing bonds and other financial assistance to and execution of redevelopment agreement with Earle School LLC and Celesterling Foundation d.b.a. Phoenix Foundation, NFP for acquisition and rehabilitation of former Charles W. Earle School building at 1711 W 61st St for creation of low and moderate income residential housing
Auto-generated summary
The City of Chicago has passed a Substitute Ordinance to address the affordable rental housing shortage for low and moderate-income individuals. The ordinance authorizes the issuance of bonds for the Chicago Recovery Plan, which includes the rehabilitation of the Earle School building into affordable housing, financed through taxes and a redevelopment agreement. The Community Development Commission has recommended the Owner and Celesterling Foundation as the developers. The City Council has approved $4.2 million in City TIF Funds for the Project, with the Mayor and other City officers authorized to execute necessary documents. The ordinance is effective immediately. Various loan repayment options are available, including a TIF Bridge Loan, Tax Credit Bridge Loan, IHDA Loan, and an Energy Grant Loan from the Foundation. The Federal Home Loan Bank of Chicago Affordable Housing Program offers grant loans up to $1,000,000 for similar projects. Additional funding sources include tax credit equity and member equity. The Redevelopment Agreement involves the City of Chicago, Earle School, LLC, and Celesterling Foundation.
Alternate identifiers: O2024-0007329
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Locations mentioned
Legislation text
Additional Documents
- EDS Charles Earle Apartments Proj. Financial Assistance_0236_Redacted.pdf
- EXHIBIT A Charles Earle Apartments Proj. Financial Assistance_0234.pdf
- EXHIBIT B Charles Earle Apartments Proj. Financial Assistance_0235.pdf
- SO2024-0007329 Committee Letter.pdf
- SO2024-0007329 Substitute Redevelop Agreement.pdf
- SO2024-7329 Substitute Redacted EDS.mar19_Redacted.pdf