Mayor Daley introduces ordinances supporting housing opportunities and business expansion
Chicago, IL – March 15, 2010 – (RealEstateRama) — Mayor Richard M. Daley today introduced six ordinances supporting programs that ensure families have access to safe and secure housing and help growing businesses expand their operations.
“Chicago’s strength relies on the health and stability of its neighborhoods,” Daley said. “These ordinances will help upgrade housing, enhance commercial growth and bring about positive change to the lives of local residents,”
47th/King Drive TIF Neighborhood Improvement Program
The first ordinance authorizes the Department of Community Development (DCD) to enter into an agreement with Neighborhood Housing Services of Chicago, Inc. (NHS) to administer the King DriveTIF Neighborhood Improvement Program (TIF-NIP).
DCD will enter into an agreement with NHS to administer the program and NHS will receive up to $1 million for home improvements on the City’s South Side in parts of the 38th and 40th Wards.
The single-family programs will offer up to $22,500 in grants to qualified owner/occupants of one to four unit properties for exterior repairs and limited interior improvements to help rehabilitate their properties. The homes must be located within the TIF boundaries.
Chicago Lakeside Development TIF District
The next ordinance establishes the Chicago Lakeside Development Tax Increment Financing (TIF) District as a way to revitalize residential and commercial investment in the South Shore community.
The creation of Chicago Lakeside TIF will work to stimulate new development and provide local residents with increased job opportunities and shopping options.
The new TIF district will be located in the 7th Ward bounded by South Shore Drive, East 83rd St. and Brandon Avenue and includes the site of the former U.S. Steel South Works (USX) plant.
Establishment of the new TIF district is part of a larger plan to redevelop the entire South Works site into a new community along the southern shore of the City’s lakefront. The TIF redevelopment area includes the northern portion of the USX site and covers 87 acres.
Creation of the TIF will help facilitate new residential, commercial and mixed-use development in the area and promote more private investment.
Midwest TIF Budget Amendment
Introduced also was an ordinance to amend the Midwest TIF District redevelopment budget to allow for additional TIF-funded improvements in the North Lawndale and East Garfield Park communities.
The amended ordinance will increase the budget in the TIF district to $133 million up from $101 million.
The increase in the TIF budget will make more money available for projects like parks, schools, infrastructure and housing and encourage more private development in parts of the 2nd, 12th, 24th 27th and 28th Wards.
Parkside of Old Town – Cabrini Phase II Rental
Also introduced was an ordinance authorizing the construction of Parkside of Old Town – Phase II Rental, a new 112 unit mixed-income rental housing development on the Near North Side.
Parkside of Old Town, will be located at 544West Division Street in the Near North TIF Redevelopment Project Area.
The planned $42 million development will provide 92 units of affordable housing, including 39 units of replacement housing for CHA residents and 20 market-rate units in a seven-story mid-rise building.
The building will provide a mix of 45 one- and 61 two-bedroom apartments as well as five three- bedroom and one five-bedroom unit designed for larger families. The first floor will feature six townhome-style units.
Amenities will include a community room, exercise room and laundry facilities, as well as ground floor commercial space. Parking will also be included on the ground floor and second level of the building.
The redevelopment plan includes “green” features such as permeable pavements, high efficiency heating and hot water systems and insulated windows, walls and roof.
The plan will complement and further current redevelopment efforts in the area by creating an attractive and affordable mixed-income community.
The project would be supported by $8.2 million in TIF assistance under the plan that will need approval from the full City Council. Other City financing sources include a $3.7 million loan; $2.5 million in low-income housing tax credits, generating $17.9 million in equity and $2.1 million in donations tax credits equity.
TIF funds will be bridged by $8.2 million in stimulus funds awarded to the CHA by HUD. The development will also receive $7.7 million from the CHA.
Lawndale Christian Health Center
Another ordinance authorizes the sale of vacant property located at 3758-68 W. Ogden Ave. to the Lawndale Christian Health Center.
Lawndale Christian plans to construct a 64,000 square foot building with adjacent parking to expand its capacity to deliver health cares services to more patients in the North Lawndale community.
The three-story building will provide additional outpatient medical, dental and birthing rooms. Other services will include a pharmacy, fitness center and cafe.
The $20.3 million center will incorporate a number of energy-efficient features, including a green roof, low-cost lighting and low E windows. Lawndale Christian will seek LEED Gold certification for its water efficiency, use of materials and resources, indoor air quality and innovation in design.
The land valued at $150,000 will be sold for $1.
The nearby main health clinic has seen an increase in the number of patients in recent years and the new facility will allow for an additional 62,000 patients to be served annually.
The new health center is expected to create up to 67 full- and part-time jobs.
Norfolk Southern Railway Company
The next ordinance authorizes the sale of 15 City-owned vacant parcels for $215,000 to Norfolk Southern Railway Company to expand its intermodal rail yard facilities in the Fuller Park community.
Norfolk Southern plans to combine the acquired parcels with one’s that it currently owns to improve its loading and entrance gate facilities to handle more large containers and trailers at its existing rail yard.
The parcels are located in the 500 block of West Garfield Blvd., the 500 block of West 54th Place and the 5300 block of South Normal Ave. in the 3rd and 11th Wards.
The scope of the work will include upgrades to lighting, roadways, perimeter fencing and new landscaping.
The expansion is expected to create six new full-time jobs.
Contact:
Molly Sullivan
Phone: (312) 744-2976
