Redevelopment agreement with and issuance of tax increment financing (TIF) grant to Brown Derby LLC for acquisition and redevelopment of portion of existing building at 79 W Monroe St

Record number: SO2024-0012437
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Sep 18, 2024
Final Action Date: Oct 9, 2024
Official record: Office of the City Clerk

Roll call: Passed Oct 9, 2024

48 yea, 0 nay, 1 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 Oct 9, 2024.

Yea (48): 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), Gilbert Villegas (36), 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)

Absent (1): Emma Mitts (37)

Not voting (1): Carlos Ramirez-Rosa (former member)

Impact report

Written by AI from the official document. AI can make mistakes; the official document always wins.

The City would approve a deal giving up to $28,000,000 in tax increment financing (TIF) money to Brown Derby LLC and R2 Development to turn part of the building at 79 W. Monroe Street into about 117 apartments, including 41 affordable units.

Who it affects

Low- and moderate-income renters: 41 of the roughly 117 apartments (35%) would be rental units set aside as affordable for moderate- to low-income families.
Future tenants of 79 W. Monroe St.: Residents would have access to a tenant lounge, fitness center, outdoor areas, and a dog run.
Brown Derby LLC and R2 Development, LLC (the Developer): They would be named the official developer and could receive up to $28,000,000 in TIF funds to pay for part of the project costs.
Retail businesses: The project would include a small retail space on the lower ground floor.
LaSalle Central TIF district: Property tax money collected in this TIF area would be used to help pay for the project.

What changes

Part of the existing building at 79 W. Monroe St. would be redeveloped into about 117 apartments.
41 apartments (35%) would be affordable for moderate- to low-income families.
The building would add a tenant lounge, fitness center, outdoor areas, and a dog run.
A small retail space would be added on the lower ground floor.
The project would count as "Affordable Housing" under Chapter 16-18 of the Municipal Code.

Money

Up to $28,000,000 in TIF funds paid by the City from the LaSalle Central TIF Fund to the Developer (Brown Derby LLC and R2 Development, LLC) for eligible project costs.

Where: 79 W. Monroe Street, Chicago, Illinois 60603; LaSalle Central Redevelopment Project Area

When: On the date the ordinance is passed and approved.

Timeline

Sep 18, 2024: Referred, City Council. The matter was Referred to Committee.
Oct 2, 2024: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Oct 2, 2024: Substituted, Committee on Finance. The matter was substituted in committee.
Oct 9, 2024: Passed, City Council (48 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.

Documents

SO2024-0012437 Exhibit B - Legal Description.pdf (Exhibits)
SO2024-0012437 Transmittal Letter.pdf (Miscellaneous)
SO2024-0012437 Exhibit C - Redevelopment Agreement.pdf (Exhibits)
O2024-0012437 Original Exhibit B.pdf (Miscellaneous)
SO2024-0012437 Committee Letter.pdf (Committee Letter)
O2024-0012437 Original Exhibit C.pdf (Miscellaneous)
O2024-0012437 Original Exhibit A.pdf (Miscellaneous)
O2024-0012437 Original Ordinance.pdf (Miscellaneous)
SO2024-0012437 EDS.pdf (EDS)
SO2024-0012437 Exhibit A - Additional Financing Terms.pdf (Exhibits)
SO2024-0012437.pdf (Legislation)

Lobbying and money

Computed links; money near a vote is not evidence that it influenced the vote.

Who lobbied on it

Brown Derby, LLC: TIF ASSISTANCE (2 filings, Jan 1, 2024 to Sep 30, 2024; Ann Moroney; matched by client named)

Campaign donors named in it: Brown Derby, Llc ($5,000 to alderpersons since 2019)

More from Johnson, Brandon

Executive Order No. 2026-7 (Senior Bill of Rights and Establishing the Mayor's Office on Aging) (F2026-0029547, introduced Dec 8, 2026, Placed on File)
Issuance of general obligation bonds (2027-2028 General Obligation Borrowing Ordinance) (O2026-0029650, introduced Oct 21, 2026, Referred)
Fiscal Year 2027 Budget Recommendations (O2026-0029642, introduced Oct 21, 2026, Referred)

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