# 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

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

- Record number: **SO2024-0013072**
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance)
- Introduction Date: Oct 9, 2024
- Final Action Date: 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 (48)**: [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), Carlos Ramirez-Rosa (former member)

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

## Timeline

- Oct 2, 2024: Held in Committee, Committee on Finance. The matter was Held in Committee.
- Oct 9, 2024: Referred, City Council. Two committees having been called, the Committee on Finance and the Committee on Public Safety, the matter was Referred to the Committee on Committees and Rules (Pursuant to Council Rule 42).
- Oct 22, 2024: Referred, City Council. The matter was Referred to Committee.
- Oct 22, 2024: Recommended for Re-Referral, Committee on Committees and Rules. The matter was recommended for Re-Referral by controlling legislative body.
- Oct 28, 2024: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
- Oct 29, 2024: Substituted, Committee on Finance. The matter was substituted in committee.
- Dec 2, 2024: Passed, City Council (48 yea, 0 nay), at the [City Council meeting](https://www.chicagopolitics.org/meeting/F6BA3540-8E97-EF11-8A6B-001DD8306DF0). On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
- Dec 9, 2024: Signed by Mayor, City Council. The matter was Signed by the Mayor.

## 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)

## 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/SO2024-0013072-redevelopment-agreement-issuance-financial-assistance-thrive · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt