This move does not mean the proposed Maryville plan has been approved. It still needs the votes of the Finance Committee and the approval of the City Council as a whole.
But for the first time since former Ald. Shiller created the TIF at Clarendon and Montrose for the purpose of redeveloping Maryville, way back in 2010, the City Council has introduced a proposal that has the potential to make it happen.
In a press release from the City Council following today's monthly meeting:
"TIF Would Support New Mixed-Use Development in Uptown
A $125 million, mixed-income housing and retail complex in Uptown would move forward through a Tax increment Financing (TIF) proposal introduced today to City Council by Mayor Rahm Emanuel.
Planned for the northwest corner of Montrose and Clarendon avenues, the 381-unit project by JDL Development and Harlem & Irving Cos. would include a 31,000-square foot grocery store and 278 indoor parking spaces. The project would also include and a 6,000-square foot retail building on the east side of Clarendon.
“This public investment will not only provide economic development in the form of affordable housing and new retail space, it will attract additional private investment that will bring even more economic opportunity to Uptown,” said Alderman James Cappleman. “This initiative will also create $4.6 million in funds to help Clarendon Park – all of which will be front-ended by the developer.”
Up to $15.8 million in TIF assistance would be allocated toward site preparation expenses. The site is currently occupied by buildings constructed in 1957 for Cuneo Hospital and later utilized as Columbus-Maryville Children’s Shelter. The buildings have been vacant since 2005.
Twenty units in the 26-story complex would be made available at affordable rents. The developers would also pay $5.7 million into the City’s Affordable Opportunity Fund. Half of the fund is used to support rental subsidies for very low-income residents and the other half supports the construction or rehabilitation of affordable housing citywide.
As part of the proposed redevelopment agreement, the developers would also provide $4.6 million to help renovate the nearby Clarendon Park field house.
The Montrose/Clarendon TIF district was established in 2010 to support the site’s redevelopment. All TIF funding for the project would be generated by future property taxes on the development site itself, which is currently tax exempt. To date, this TIF district has a zero balance. The assistance would be provided in annual installments following project completion and the fulfillment of all TIF requirements.
Zoning and financial assistance for the project were approved by the Chicago Plan Commission and the Community Development Commission in January 2016.
The project is expected to generate up to 60 permanent, full-time jobs and up to 675 construction jobs, as well as $3 million in annual property and sales taxes.
Additionally, some of the funding from the affordable housing payment will go to support the viaduct homelessness pilot announced by the Mayor earlier this month. To address chronic homelessness, the pilot will identify rental subsidies and aid opportunities for residents across the city that have experienced chronic homelessness, which is defined as being homeless continuously for at least 12 months or on at least 4 separate occasions in the last 3 years.
Rental subsidies will be provided by the Chicago Housing Authority, the Chicago Low-Income Housing Trust Fund, and some existing Permanent Support Housing providers to assist the chronically homeless, specifically those who regularly sleep outside. Placement of eligible residents will be led by the DFSS delegate agencies."