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

[Votes](https://www.chicagopolitics.org/legislation) › [Finance](https://www.chicagopolitics.org/committee/finance)

- Record number: **O2026-0024063**
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance)
- Introduction Date: Mar 18, 2026
- Final Action Date: Apr 15, 2026
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=EED030A8-E122-F111-8341-001DD80C2AAC)

## 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](https://www.chicagopolitics.org/meeting/2EA74F29-8923-F111-8341-001DD80B1275).

**Yea (50)**: [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), [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [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), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27), [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), [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (35), [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)

## Plain-language summary

> Written by AI (claude-opus-5-5) from the ordinance text only: [O2026-0024063 C.L..pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/08123b94-1c7b-4628-9faa-81218177fac1.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](https://www.chicagopolitics.org/meeting/2EA74F29-8923-F111-8341-001DD80B1275). On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

## Documents

- [O2026-0024063 Ordinance and Ex A to Ordinance - RDA.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/45d1abc9-b753-448a-9996-ded67e696fba.pdf) (Legislation)
- [O2026-0024063 Ex D.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/84f22309-5962-4aac-8a5f-ba22e083a1c4.pdf) (Exhibits)
- [O2026-0024063 EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/fbded59c-f99d-4d03-bdb5-91f689483888.pdf) (EDS)
- [O2026-0024063 C.L..pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/08123b94-1c7b-4628-9faa-81218177fac1.pdf) (Committee Letter)
- [O2026-0024063 Ex E.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/499b4825-8383-4a5b-bf94-25266c89db11.pdf) (Exhibits)
- [O2026-0024063 Ex A.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ff4588a2-6f9b-4aa0-8784-c7cd610ba953.pdf) (Exhibits)
- [O2026-0024063 Ex F.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d55b1b28-d0af-446d-bd00-8b2065ca4f61.pdf) (Exhibits)
- [O2026-0024063 Ex B.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/7f5cd125-2b35-48f8-92dc-993bc1e364e3.pdf) (Exhibits)
- [O2026-0024063 Ex C.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/014cc0db-912c-438f-9e6e-1e6b0ad2ac2a.pdf) (Exhibits)
- [O2026-0024063 Mayoral Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/65597c1e-9eeb-419f-b1fc-b510cadae1fb.pdf) (Miscellaneous)

## Related legislation

**More from Johnson, Brandon**

- [Executive Order No. 2026-7 (Senior Bill of Rights and Establishing the Mayor's Office on Aging)](https://www.chicagopolitics.org/matter/F2026-0029547-executive-order-no-senior-bill-rights) (F2026-0029547, introduced Dec 8, 2026, Placed on File)
- [Issuance of general obligation bonds (2027-2028 General Obligation Borrowing Ordinance)](https://www.chicagopolitics.org/matter/O2026-0029650-issuance-general-obligation-bonds-general-obligation) (O2026-0029650, introduced Oct 21, 2026, Referred)
- [Fiscal Year 2027 Budget Recommendations](https://www.chicagopolitics.org/matter/O2026-0029642-fiscal-year-2027-budget-recommendations) (O2026-0029642, introduced Oct 21, 2026, Referred)

**More on Agreements**

- [Redevelopment agreement with Oak-Larrabee LLC to provide tax increment financing (TIF) assistance for development of property at 955 N…](https://www.chicagopolitics.org/matter/O2026-0029418-redevelopment-agreement-oak-larrabee-llc-provide) (O2026-0029418, introduced Oct 14, 2026, Referred)
- [First amendment to redevelopment agreement with 1539 N. Pulaski Road HHDC LP, 1539 N. Pulaski Road Charitable Corporation and Hispanic…](https://www.chicagopolitics.org/matter/O2026-0029408-first-redevelopment-agreement-1539-n-pulaski) (O2026-0029408, introduced Oct 14, 2026, Referred)
- [Redevelopment agreement with North Lawndale Catalyst Initiative NFP to provide tax increment financing (TIF) assistance for development of…](https://www.chicagopolitics.org/matter/O2026-0028748-redevelopment-agreement-north-lawndale-catalyst-initiative) (O2026-0028748, introduced Sep 23, 2026, Passed)

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Source: https://www.chicagopolitics.org/matter/O2026-0024063-amended-redevelopment-agreement-institute-cultural-affairs · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt