Mayor Daley Introduces Ordinances Supporting Affordable Housing And Economic Development
Mayor Richard M. Daley today introduced four ordinances supporting affordable housing and business investment that help enhance the economic vitality of our neighborhoods.
Molly Sullivan 312.744.2976
“By working together, we will use every economic tool to support long-term, sustainable community and economic development,” Daley said. “We remain committed to improving the quality of life in communities throughout Chicago.”
Chicago Mercantile Exchange TIF Redevelopment Agreement
The first ordinance authorizes up to $15 million in TIF assistance to the Chicago Mercantile Exchange, Inc. for renovation and technological improvements to three of its downtown buildings in the 2nd Ward.
The renovation project will keep the headquarters of a major employer in Chicago, maintain 1,750 current jobs, support thousands of jobs at nearby businesses, and create 900 new positions over the next 10 years.
The upgrades include a revamp of the exchange’s east trading floor at the Chicago Board of Trade Building complex at 141 W. Jackson Blvd. Work also includes mechanical upgrades and infrastructure enhancements to office space and the addition of a trading floor broadcast studio to be used by various media outlets and CME clients.
Improvements to office space at 550 W. Washington St. include the renovation of office space for technology staff and the addition of video conferencing facilities.
Renovation to the 10, 20 and 30 S. Wacker Dr. complex includes lobby improvements at 20 S. Wacker Dr., which will serve as the exclusive entrance to CME’s headquarters, with the latest developments in access security and technology. Two floors above the lobby at 20 S. Wacker Dr. will be developed in to an operations and command center with improved energy-efficient lighting and extensive technology systems to support CME’s electronic trading system throughout the world.
CME is also performing energy upgrades and improvements to office space on various floors at 10 and 30 S. Wacker Dr.
The CME is one of Chicago’s largest employers and its international presence will continue to make a significant contribution to a vibrant downtown economy.
Bronzeville Associates Family Apartments Phase I
The next ordinance authorizes up to $4.5 million in TIF assistance and up to $2 million dollars in multi-family loans and fee waivers to Bronzeville Associates, LP for construction of Phase I of the new Bronzeville Family Apartments
The $26.8 million redevelopment plan will look to demolish older townhome-style rental housing. Located at 424, 504 and 516 E. 41st St., and replace it with new multi-story buildings in the City’s Grand Boulevard community.
The developer will raze 60 townhomes, which are a part of the Paul G. Stewart Apartment complex and contain 90 units of rental housing, and replace them with new three-story walk-up buildings.
Phase I would include the construction of four three-story buildings and also the demolition and reconstruction of the existing community center into an expanded 6,700 square foot facility with recreation and office space.
The existing structures are being demolished due to concerns over extensive foundation settlement. The redevelopment of the property will help to preserve project-based Section 8 housing in the community.
Phase II will involve the reconstruction and replacement of the remaining 24 rental units.
Class 6(b) Property
Also introduced was an ordinance authorizing the approval of Class 6(b) incentives to help rehabilitate vacant property in the South Shore community.
Ujamaa Construction, Inc. plans to rehabilitate the 14,000 square foot building at 7742-48 S. Stony Island Ave. into warehouse and office space in the City’s 5th Ward.
They will use the Class 6(b) incentive to rehabilitate the existing building, providing interior improvements and energy efficient lighting and other sustainable upgrades, including a green roof.
The $676,000 facelift will allow the company to expand its operations with added office space for employees and for construction equipment and machinery. The rehabilitation will create 10 full-time and 20 part-time construction jobs.
The Cook County Class 6(b) classification is designed to encourage industrial development by offering a reduced property tax assessment rate for 12 years for the development or revitalization of manufacturing or industrial facilities.
Access Ashland Family Health Medical Campus
The next ordinance authorizes the negotiated sale of vacant property, located at 5117-23 and 5137-39 S. Ashland Ave., for $117,000 to Access Community Health network in the 16th Ward.
Under a proposed plan, Access plans to construct a 10,000 square foot state-of-the-art family health center to deliver health cares services to more patients in the New City community by replacing an existing smaller facility.
The development represents Phase II of a plan to build a new medical campus at the corner of 52nd St. and Ashland Ave. Phase I is currently under construction and will serve as the main medical building and Phase III will provide 20,000 square feet of research space.
Phase II, known as Access Integrated Services, will consist of a two-story building with space for a pharmacy, job training, nutrition counseling and other specialty services.
The $3.1 million center will incorporate a number of energy-efficient features, including a green roof, sustainable buildings materials and energy-efficient mechanical equipment.
The development will create six permanent jobs and up to 50 temporary construction jobs.
Access is the area’s largest private primary health care provider to low-income residents and operates the largest network of community-based health centers in the nation with 50 locations in Chicago and the suburbs.