Amended redevelopment agreement with Institute of Cultural Affairs to provide tax increment financing (TIF) assistance for property at 4750 N Sheridan Rd

Record number: O2026-0024063
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Mar 18, 2026
Final Action Date: Apr 15, 2026
Official record: Office of the City Clerk

Roll call: Passed Apr 15, 2026

50 yea, 0 nay. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Apr 15, 2026.

Yea (50): Daniel La Spata (1), Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Marty Quinn (13), Jeylú B. Gutiérrez (14), Raymond A. Lopez (15), Stephanie D. Coleman (16), David H. Moore (17), Derrick G. Curtis (18), Matthew J. O'Shea (19), Jeanette B. Taylor (20), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Silvana Tabares (23), Monique L. Scott (24), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), Rossana Rodríguez Sánchez (33), William Conway (34), Anthony J. Quezada (35), Gilbert Villegas (36), Emma Mitts (37), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Debra L. Silverstein (50)

Plain-language summary

Written by AI (claude-opus-5-5) from the ordinance text only: O2026-0024063 C.L..pdf. AI can make mistakes; the official document always wins.

The City Council's Committee on Finance recommends passing an ordinance that changes an existing redevelopment agreement with The Institute of Cultural Affairs. The changes update the project's funding sources, budget, and scope for rehabilitating the building at 4750 N. Sheridan Road. The city's tax increment financing (TIF) help for the project would be capped at $2,000,000.

Amends an existing redevelopment agreement with The Institute of Cultural Affairs.
Changes the project's financing sources, budget, and scope.
The project is a rehabilitation of the property at 4750 N. Sheridan Road in the 46th Ward.
TIF assistance may not exceed $2,000,000.
The Committee on Finance recommended passage by voice vote with no dissenting votes on April 13, 2026.

Money

Up to $2,000,000 in tax increment financing (TIF) assistance for the rehabilitation project

Who: The Institute of Cultural Affairs, which would receive the TIF assistance for its rehabilitation project, is directly affected.

Where: 4750 N. Sheridan Road, 46th Ward

Timeline

Mar 18, 2026: Referred, City Council. The matter was Referred to Committee.
Apr 13, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Apr 15, 2026: Passed, City Council (50 yea, 0 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.