Aldermen approved a demolition surcharge for gentrifying areas on Monday, teeing it up for a full City Council vote later this week. Aldermen also approved a list of banks and lending institutions where the city and Chicago Public Schools will place their savings this year. 

The demolition surcharge ordinance (O2021-746), which passed with 20-11 vote during Monday’s City Council Committee on Finance meeting, would tack on a $15,000 fee to demolition applications for any single-family home, townhome and two-flat in the designated residential zones in Pilsen and near the 606 Bloomingdale Trail. Additionally, developers would be charged $5,000 for each unit demolished that was part of a multifamily apartment building.