Ordinance SO2024-0013072 Passed

Non-Routine Redevelopment Agreement

Redevelopment agreement with and issuance of financial assistance to Thrive Exchange LLC for acquisition of City-owned vacant land at 7909 S Exchange Ave for development of low-income furnished housing at 7901-7907 and 7911 S Exchange Ave

Auto-generated summary

The City of Chicago has approved a Funding Loan Agreement for Thrive Exchange LLC to develop a low-income housing and commercial project in the Avalon Park/South Shore Redevelopment Area. The project, funded through a loan from Wintrust Bank, will be repaid through tax-exempt revenue notes and secured by various means. The city-owned property, valued at $50,000, will be sold to the developers for $1. The loan amount will not exceed $19,175,000, with interest not surpassing 12%. The city's obligations under the agreement are secured by various assets, and the loan details will be filed for City Council review. The proceeds will be used for the project, with the city intending to reimburse project costs with the loan proceeds.

Alternate identifiers: O2024-0013072

Sponsors

	Sponsor	Ward
	Johnson, BrandonPrimary Sponsor

History

Date

Legislative body

Action

Date 2024-12-09

Legislative body Chicago City Council

Action Signed

Date 2024-12-02

Legislative body Chicago City Council

Action Passed

On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

Votes for	Votes against	Other votes
Votes for Yes: 48 Beale, Anthony Cardona, Jr., Felix Chico, Peter Clay, Angela Coleman, Stephanie D. Conway, William Cruz, Ruth Curtis, Derrick G. Dowell, Pat Ervin, Jason C. Fuentes, Jessica L. Gardiner, James M. Gutierrez, Jeylu B. Hadden, Maria E. Hall, William E. Harris, Michelle A. Hopkins, Brian Knudsen, Timothy R. La Spata, Daniel Lawson, Bennett R. Lee, Nicole T. Lopez, Raymond A. Manaa-Hoppenworth, Leni Martin, Matthew J. Mitchell, Gregory I. Mitts, Emma Moore, David H. Mosley, Ronnie L. Napolitano, Anthony V. Nugent, Samantha O'Shea, Matthew J. Quinn, Marty Ramirez, Julia M. Ramirez-Rosa, Carlos Reilly, Brendan Robinson, Lamont J. Rodriguez Sanchez, Rossana Rodriguez, Michael D. Scott, Monique L. Sigcho-Lopez, Byron Silverstein, Debra L. Sposato, Nicholas Tabares, Silvana Taliaferro, Chris Vasquez, Jr., Andre Villegas, Gilbert Waguespack, Scott Yancy, Desmon C.	Votes against	Other votes Absent: 2 Absent: Burnett, Jr., Walter Absent: Taylor, Jeanette B.

Date 2024-10-29

Legislative body Chicago City Council

Action Substituted

Date 2024-10-28

Legislative body Committee on Finance

Action Recommended to Pass

Date 2024-10-22

Legislative body Chicago City Council

Action Referred

Date 2024-10-22

Legislative body Committee on Committees and Rules

Action Recommended for Re-Referral

Date 2024-10-09

Legislative body Chicago City Council

Action Referred

Date 2024-10-02

Legislative body Committee on Finance

Action Held in Committee

Legislation text

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