# Redevelopment agreement with and issuance of financial assistance to Thrive Exchange LLC for acquisition of City-owned vacant land at 7909 S Exchange Ave for development of low-income furnished housing at 7901-7907 and 7911 S Exchange Ave

- Record number: **SO2024-0013072**
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Introduced: Oct 9, 2024
- Final action: Dec 2, 2024
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=8E8F403F-8985-EF11-AC21-001DD809A88D)

## Roll call: Passed Dec 2, 2024

**48 yea, 0 nay, 2 absent.** On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the [City Council meeting of Dec 2, 2024](https://www.chicagopolitics.org/meeting/F6BA3540-8E97-EF11-8A6B-001DD8306DF0).

**Yea (47)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [Pat Dowell](https://www.chicagopolitics.org/ward/3) (3), [Lamont J. Robinson](https://www.chicagopolitics.org/ward/4) (4), [Desmon C. Yancy](https://www.chicagopolitics.org/ward/5) (5), [William E. Hall](https://www.chicagopolitics.org/ward/6) (6), [Gregory I. Mitchell](https://www.chicagopolitics.org/ward/7) (7), [Michelle A. Harris](https://www.chicagopolitics.org/ward/8) (8), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [Peter Chico](https://www.chicagopolitics.org/ward/10) (10), [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (11), [Julia M. Ramirez](https://www.chicagopolitics.org/ward/12) (12), [Marty Quinn](https://www.chicagopolitics.org/ward/13) (13), [Jeylú B. Gutiérrez](https://www.chicagopolitics.org/ward/14) (14), [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (15), [Stephanie D. Coleman](https://www.chicagopolitics.org/ward/16) (16), [David H. Moore](https://www.chicagopolitics.org/ward/17) (17), [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (18), [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (19), [Ronnie L. Mosley](https://www.chicagopolitics.org/ward/21) (21), [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (22), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (25), [Jessica L. Fuentes](https://www.chicagopolitics.org/ward/26) (26), [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (28), [Chris Taliaferro](https://www.chicagopolitics.org/ward/29) (29), [Ruth Cruz](https://www.chicagopolitics.org/ward/30) (30), [Felix Cardona Jr.](https://www.chicagopolitics.org/ward/31) (31), [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (32), [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (33), [William Conway](https://www.chicagopolitics.org/ward/34) (34), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Angela Clay](https://www.chicagopolitics.org/ward/46) (46), [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (47), [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (48), [Maria E. Hadden](https://www.chicagopolitics.org/ward/49) (49), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

**Absent (2)**: [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27)

Former members who voted: Carlos Ramirez-Rosa (Yea)

## Timeline

- Oct 2, 2024: Held in Committee, Committee on Finance
- Oct 9, 2024: Referred, City Council
- Oct 22, 2024: Recommended for Re-Referral, Committee on Committees and Rules
- Oct 22, 2024: Referred, City Council
- Oct 28, 2024: Recommended to Pass, Committee on Finance
- Oct 29, 2024: Substituted, Committee on Finance
- Dec 2, 2024: Passed, City Council
- Dec 9, 2024: Signed by Mayor, City Council

## Documents

- [O2024-0013072 EDS.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/024c2477-6598-4ae1-b82b-91fc0ca6949a.pdf) (EDS)
- [O2024-0013072 Transmittal Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/7f19cbc5-eea7-4f16-bfd0-2bf229ba60d8.pdf) (Miscellaneous)
- [O2024-0013072 Original Exhibit E - Revelopment Agreement \[Replaced\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/028394ee-c695-4db8-ae7f-f90d182d464f.pdf) (Miscellaneous)
- [O2024- 0013072 Original Exhibit F - Legal Description.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/06ee47f0-a66c-48ad-9291-85c76d264d4c.pdf) (Miscellaneous)
- [O2024-0013972 Original Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/f91af5f8-4231-4092-aa32-b6ac9364b2b1.pdf) (Miscellaneous)
- [O2024-0013072 Original Exhibit C - Borrower Loan Agreement.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/3b3fccbd-b7d4-4b9e-97e9-0953649bdb5a.pdf) (Miscellaneous)
- [SO2024-0013072 Exhibit A - \[Original Retained\] Lending plans of loans, TIFs, Grants.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/cd1ee0c4-cf09-4a36-a3bf-6dae0cf6013f.pdf) (Exhibits)
- [SO2024-0013072 Exhibit D - \[Now Substituted\] Land Use Restriction Agreement Thrive and City.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/933d1ea9-f26e-4b09-a686-33398594b4e9.pdf) (Exhibits)
- [SO2024-0013072 SIGNED BY MAYOR\_0644.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ce610534-8201-4622-b7cb-d16d4376ff65.pdf) (Legislation)
- [O2024-0013072 Original Exhibit G -Original Request for Proposal Submissions.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/9adc7af7-e681-44de-9fe2-71ff88ed877b.pdf) (Miscellaneous)
- [SO2024-0013072 Exhibit B - \[Original Retained\] Funding Agreement - Wintrust Bank and City.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d53e77ba-109c-4db3-9782-c44100d6ab8e.pdf) (Exhibits)
- [SO2024-0013072 Exhibit G - RFP Submissions.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/942d1e9d-3ad6-48d7-beb6-82270ab2e963.pdf) (Exhibits)
- [SO2024-0013072 Exhibit C - \[Original Retained\] Thrive Exchange LLC Borrower Loan Agreement.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/15eafbe2-f0ec-4f24-a5b3-df78aceea155.pdf) (Exhibits)
- [O2024-0013072 Original Exhibit A - Lending Plan of Loans, TIF & Grants.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/47e332f4-b4e4-4b1b-8a1d-f094242eb3dd.pdf) (Miscellaneous)
- [O2024-0013072 Original Exhibit B Wintrust & City Funding Loan Agreement.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/50955e45-6ccf-4501-a283-572ce0507670.pdf) (Miscellaneous)
- [O2024-0013072 Original Exhibit D - Land Use Restriction Agreement \[Replaced\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0e552cea-cea4-465a-b233-2481033cc62d.pdf) (Miscellaneous)
- [Substitute SO2024-0013072 Bond Ordinance Thrive Exchange.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/5ed07f29-9476-4519-bcad-2ae8cf38638b.pdf) (Legislation)
- [SO2024-0013072 Exhibit E - \[Now Substituted\] Redevelopment Agreement Thrive Exchange LLC.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/9b50d6f7-f7c5-4fc8-89d1-744e0c68a98e.pdf) (Exhibits)
- [SO2024-0013072 Exhibit F - \[Original Retained\] Legal Description.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/03ef6547-6294-4525-b07d-35333d081ae9.pdf) (Exhibits)
- [SO2024-0013072 Committee Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/749f140b-5a47-4fac-bc86-67cb9023e844.pdf) (Committee Letter)

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Source: https://www.chicagopolitics.org/matter/8E8F403F-8985-EF11-AC21-001DD809A88D · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt