MAR 13, 2023
Finance committee to consider sale of land, funding for second phase of Bronzeville ETOD proposal
The City Council Committee on Finance is set to meet at 10 a.m. Monday. [Erin Hegarty/The Daily Line]
The second phase of an equitable transit-oriented development in Bronzeville could take a step forward Monday if members of the City Council Committee on Finance approve a measure to sell city property and provide funding for the development.
In addition to considering a funding package for the second phase of 43 Green, members of the finance committee during the 10 a.m. meeting will consider multiple ordinances granting tax-increment financing (TIF) dollars for park district improvements.
The 43 Green ordinance would (O2023-899) approve the sale of city-owned property at 4309-4311 S. Prairie Ave. in the 3rd Ward to a joint venture of P3 Markets, The Habitat Company and Generations Housing Initiatives for $2.
The property’s fair market value is $523,347 and is located within the 47th and King Drive Redevelopment Project Area, according to city documents.
The joint venture plans to build a 10-story, 80-unit residential building with ground floor retail space on the property — the second phase of a larger project, according to city documents.
If approved, the second phase of the 43 Green development would be built next to the 43rd Street Green Line station as “part of a targeted economic development effort that leverages local investment in housing and commercial space with a larger scale commitment to enhance the community,” according to a January news release from Mayor Lori Lightfoot’s office.
The development would target young professionals and working families, according to the news release. Amenities would include a community room, exercise space, laundry and central air.
The ordinance also details a financing package for the $44 million development including a $6.5 million loan through multi-family program funds, a $6.2 million senior permanent loan and other funding sources including low-income housing tax credits and $10 million in tax-increment financing.
Forty-four of the units would be built as affordable, according to city documents.
Aldermen will also consider a proposal (O2023-1015) from Lightfoot to issue up to $15 million in tax-exempt housing revenue bonds for Preservation of Affordable Housing LLC (POAH) to renovate Levy House at 1221 W. Sherwin Ave. in the 49th Ward.
Levy House is a 7-story senior housing building with 57 one-bedroom apartments and the rehab project is expected to cost $22 million, according to a February news release from Lightfoot’s office.
Additionally, members of the finance committee are set to consider a proposal (O2023-1053) to grant nearly $1.9 million in TIF money to Juan and Only LLC restaurant, catering and shared event space at 5924 and 5926 W. Chicago Ave. in the 29th Ward.
The restaurant would be an additional location for the popular Lincoln Park sit-down restaurant Batter and Berries, according to a February news release from Lightfoot’s office.
Finance committee members during Monday’s meeting will also consider the following proposals:
O2023-1040 — A proposal to grant the Chicago Park District $7.1 million in TIF money for the landscaping and facility improvements at Cragin Park at 2611 N. Lockwood Ave. in the 31st Ward.
O2023-1044 — A proposal to grant the Chicago Park District $3.5 million in TIF money for the renovation of Riis Park fieldhouse at 6100 W. Fullerton Ave. in the 30th Ward.
O2023-1029 — A proposal to grant the Chicago Park District $1.4 million in TIF dollars for the renovation of Clarendon Park fieldhouse at 4532-4534 and 4538 N. Clarendon Ave. in the 46th Ward.
O2023-1041 — A proposal to grant the Chicago Park District $600,000 in TIF dollars for the expansion of park boundaries and improvements at George Kells Park at 3201 W. Chicago Ave. in the 27th Ward.
O2023-1052 — A proposal to grant more than $1.5 million in TIF dollars to DANK Haus German American Cultural Center for building improvements to the building at 4740 N. Western Ave., in the 40th Ward.
O2023-1047 — A proposal that would allow for fee exemptions, no-fee permits and fee waivers for applications filed by the Chicago Building Commission or its contractors for buildings, facilities and projects used for public or governmental purposes. The measure proposes quarterly reporting of the waivers to the city’s Office of Budget and Management.
O2023-891 — A proposal declaring the city’s intent to issue multi-family revenue bonds in connection with the redevelopment of a single-residence occupancy building at 1801 S. Wabash Ave. in the 3rd Ward by a subsidiary of Mercy Housing Lakefront, as a low-income housing development with 80 affordable units.
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