Ordinance O2024-0012447
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Redevelopment agreement with and issuance of tax increment financing (TIF) funds to TimeLine Theatre Company for construction of new theater auditorium at 5033-5035 N Broadway
Auto-generated summary
The Chicago City Council has approved a redevelopment plan for the Lawrence/Broadway area under the Illinois Tax Increment Allocation Redevelopment Act, with TimeLine Theatre Company as the Developer. The Developer will renovate a property to create a new theater and administrative space, funded by the City through incremental taxes. The redevelopment agreement, recommended by the Community Development Commission, outlines obligations and conditions for both parties. The agreement also defines various terms related to the project, including roles of contractors, lenders, and indemnities, as well as regulations such as the Human Rights Ordinance. The project must comply with the Federal Emergency Management Agency requirements and the City's Sustainable Development Policy. The agreement has a term of 10 years from the closing date.
Sponsors
History
Legislation text
Additional Documents
- O2024-0012447 Committee Letter.pdf
- O2024-0012447 EDS.pdf
- O2024-0012447 Exhibit A - Redevelopment Agreement.pdf
- O2024-0012447 Transmittal Letter.pdf