Ordinance O2024-0007876
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
First amendment to redevelopment agreement with Portage Park Capital, LLC to provide tax increment financing (TIF) funds for construction of project at 3611-3657 N Central Ave
Auto-generated summary
Mayor Brandon Johnson submits an ordinance to Chicago's city council, amending a redevelopment agreement with Portage Park Capital, LLC for improvements at 3657 and 3611-57 North Central Avenue. The Belmont/Central Plan and Project agreement authorizes up to $3,300,000 in reimbursements, contingent on a Certificate of Completion, a final project cost of $12,473,038, and sustainability requirements. The Commissioner of Planning and Development and Corporation Counsel are authorized to execute the Redevelopment Agreement.
