Ordinance SO2024-0012446
Passed
Second amendment to redevelopment agreement and second amendment to authorizing ordinance with Our Revival Chicago LLC, Our Revival Chicago Operating Company LLC and Southside Revival NFP for restoration of Ramova Theater at 3518 S Halsted St
Auto-generated summary
The City of Chicago is considering a Second Amendment to the Ramova Theater Redevelopment Agreement, which will address changes in budget and timing for the project. The City Council plans to allocate $15,596,000 in City Funds for the project, with the total Project Budget increased to $40,628,221. The amendment outlines the use of City Funds for TIF-Funded Improvements and defines terms such as Principal, Developer Note A/B, Forgivable Loan, and Substantial Completion Loan. It also details developer obligations, conditions for loan forgiveness, and requirements for the issuance of a Certificate of Substantial Completion. The Agreement is in effect immediately upon approval.
Alternate identifiers: O2024-0012446
Sponsors
History
Legislation text
Additional Documents
- O2024-0012446 Original Exhibit A.pdf
- O2024-0012446 Original Ordinance.pdf
- O2024-0012446 Transmittal Letter.pdf
- SO2024-0012446 - Developer Note A.pdf
- SO2024-0012446 - Developer Note B.pdf
- SO2024-0012446 Committee Letter.pdf
- SO2024-0012446 EDS.pdf
- SO2024-0012446 Exhibit A - Redevelopment Agreement.pdf