Ordinance SO2024-0012437
Active
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Redevelopment agreement with and issuance of tax increment financing (TIF) grant to Brown Derby LLC for acquisition and redevelopment of portion of existing building at 79 W Monroe St
Auto-generated summary
Addressing the affordable housing shortage, Brown Derby LLC and R2 Development, LLC will redevelop 117 units at 79 W. Monroe Street, Chicago, including 41 affordable units. The project, under the LaSalle Central Redevelopment Project Area, is approved by the Illinois Tax Increment Allocation Redevelopment Act. A Redevelopment Agreement, financed by a $28,000,000 City grant and a TIF Grant from the TIF Fund, will be executed. The project qualifies as 'Affordable Housing' under the Municipal Code of Chicago, effective from the ordinance's passage date.
Alternate identifiers: O2024-0012437
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-10-02 | Legislative body Committee on Finance | Action Recommended to Pass |
| Date 2024-10-02 | Legislative body Chicago City Council | Action Substituted |
| Date 2024-09-18 | Legislative body Chicago City Council | Action Referred |
| Date 2024-09-18 | Legislative body Chicago City Council | Action Introduced |
Locations mentioned
Legislation text
Additional Documents
- O2024-0012437 Original Exhibit A.pdf
- O2024-0012437 Original Exhibit B.pdf
- O2024-0012437 Original Exhibit C.pdf
- O2024-0012437 Original Ordinance.pdf
- SO2024-0012437 EDS.pdf
- SO2024-0012437 Exhibit A - Additional Financing Terms.pdf
- SO2024-0012437 Exhibit B - Legal Description.pdf
- SO2024-0012437 Exhibit C - Redevelopment Agreement.pdf
- SO2024-0012437 Transmittal Letter.pdf