In its April 10th meeting, the City Council directed $3.5 million in TIF funds to Sarah's Circle to build new supporting housing at the corner of Sheridan and Leland. The new shelter will be owned by the organization and will take the place of space it currently rents in the ICA Greenrise building at 4750 North Sheridan.
Its funding will come from a combination of the $3.5 million TIF money; a $14 million grant from a private donor who wishes to remain anonymous; and the remainder from individuals and foundations.
According to Crain's Chicago Business, the groundbreaking will be in June, with a projected opening date in 2020.
On its website, Sarah's Circle thanks "Alderman James Cappleman of the 46th Ward; Perkins + Will; Brinshore Development; and Mayer Brown" for their assistance.
The city made the following announcement in its notes from the City Council meeting:
"TIF Will Enable 38-Unit Supportive Housing Development in Uptown
A 38-unit supportive housing facility will be built in Uptown through $3.5 million Tax Increment Financing (TIF) assistance approved today by City Council.
Planned for the southwest corner of Sheridan Road and Leland Avenue by Sarah’s on Sheridan LLC, the $17.5 million project will be affordable for tenants earning up to 60 percent of area median income. Each unit will also receive a rental subsidy from the Chicago Housing Authority.
The six-story building will include dining and laundry facilities, a computer lab and on-site social service resources. The facility will also include a 50-bed interim housing shelter that will provide temporary housing, food, and other basic supportive services for people in need."