Under three separate proposals to the Chicago City Council on Wednesday, Chicago Mayor Lori Lightfoot asked the city to provide $39 million to help finance one multifamily and two commercial projects.
The first proposal would provide up to $13 million in tax-exempt bonds to redevelop a vacant elementary school located at 2620 W. Hirsch St. in the Humboldt Park neighborhood into a multifamily building for Chicago teachers.
The $51 million “Teacher’s Village” development would include 102 units, five townhouses, more than 4,000 square feet for commercial and retail space, a 5,000-square-foot learning center, 6,000 square feet of amenity space, and 53 on-site parking spaces.
An additional $19 million of funding would come from the city’s Department of Housing.
A second proposal would allow the city of Chicago to sell a vacant firehouse and nearly two acres of vacant land located at 6204 and 6215–6217 W. Green St. in Englewood for $1 to developers McLaurin Development and Farpoint Development, as well as provide $6 million in tax increment financing. The developers behind Bronzeville Lakefront, who were selected through a Request for Proposals, would develop a $14 million culinary and event space facility.
And a third proposal would provide $1.6 million to Motoworks Chicago, a motorcycle business located at 1901 S. Western Ave., to help upgrade its showroom, build new classrooms and offices, and build a rooftop event space.
Funding from the city for the $3 million project would come from the Neighborhood Opportunity Fund, which puts fees paid by downtown construction projects toward business improvement projects located on Chicago’s West, Southwest and South Sides.
Proposals are expected to be discussed at the Sept. 21 City Council meeting.
