Redevelopment agreement with 105 Adams Development LLC to provide tax increment financing (TIF) assistance for improvements at Clark Adams Building,105 W Adams St

Votes › Finance

• Record number: SO2025-0018754
• Type: Ordinance; category: Agreements
• Status: Final
• Sponsor: Johnson, Brandon
• Committee: Committee on Finance
• Introduction Date: Jul 16, 2025
• Final Action Date: Sep 25, 2025
• Official record: Office of the City Clerk

Roll call: Passed Sep 25, 2025

49 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 Sep 25, 2025.

Yea (49): 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), 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)

Absent (1): Derrick G. Curtis (18)

Impact report

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

The City would make 105 Adams Development LLC the developer for converting the Clark Adams Building at 105 W. Adams St. into about 400 apartments, and would allow up to $67,500,000 in tax increment financing (TIF) money to help pay for it.

Who it affects

• Low- and moderate-income renters: 121 of the about 400 planned apartments (30%) would be rental units set aside as affordable to moderate- to low-income households.
• 105 Adams Development LLC: The company would be named the developer and could receive up to $67,500,000 in City TIF funds for eligible project costs.
• Future residents of the building: Residents would have bicycle parking and access to indoor and outdoor amenities on the 24th floor.
• Downtown residents and workers near the building: The ground floor could include a grocery store, restaurant, or other commercial uses allowed under current zoning.
• Property taxpayers in the LaSalle Central TIF area: Incremental property taxes collected in the area go into the TIF Fund, which the City would use to make payments under this agreement.

What changes

• The Clark Adams Building would be redeveloped into about 400 residential units
• 121 apartments would be affordable to moderate- to low-income renters
• Space for a grocery store, restaurant, or other commercial use could be added
• Bicycle parking and indoor and outdoor amenities on floor 24 would be available to residents
• City officials could sign the redevelopment agreement once the other project financing is approved and available

Money

• Up to $67,500,000 in City TIF funds paid to 105 Adams Development LLC for eligible project costs
• Incremental taxes from the LaSalle Central TIF area are deposited into the TIF Fund and used to pay the developer

Where: 105 West Adams Street, Chicago, Illinois 60603; Clark Adams Building; LaSalle Central Redevelopment Project Area

When: Effective on the date the ordinance is passed and approved.

Timeline

• Jul 16, 2025: Referred, City Council. The matter was Referred to Committee.
• Sep 15, 2025: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
• Sep 15, 2025: Substituted, Committee on Finance. The matter was Substituted in Committee.
• Sep 25, 2025: Passed, City Council (49 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

• O2025-0018754 Mayoral Transmittal Letter.pdf (Miscellaneous)
• SO2025-0018754 Exhibit B - Legal Description.pdf (Exhibits)
• SO2025-0018754 - Exhibit C - Redevelopment Agreement.pdf (Exhibits)
• SO2025-0018754 Exhibit A - Additional Financing Terms.pdf (Exhibits)
• SO2025-0018754 C.L. Finance.pdf (Committee Letter)
• SO2025-0018754 Ordinance.pdf (Legislation)
• O2025-0018754.pdf (Legislation)
• O2025-0018754 Exhibit A - Additional Financing Terms.pdf (Exhibits)
• O2025-0018754 Exhibit B - Legal Description.pdf (Exhibits)
• O2025-0018754 Exhibit C - Redevelopment Agreement.pdf (Exhibits)
• O2025-0018754 EDS.pdf (EDS)

Lobbying and money

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

Who lobbied on it

• 105 Adams Development LLC: PLANNED DEVELOPMENT FOR 105 W. ADAMS (7 filings, Jan 1, 2025 to Sep 30, 2025; Michael Ezgur; matched by street address)
• 105 Adams Development LLC: PD FOR 105 W. ADAMS (1 filing, Apr 1, 2025 to Jun 30, 2025; Rolando Acosta; matched by street address)
• 105 Adams Development, LLC: TIF (2 filings, Jul 1, 2025 to Sep 30, 2025; Liz Butler; matched by client named)
• 105 Adams Development, LLC: TIF ASSISTANCE (2 filings, Apr 1, 2025 to Dec 31, 2025; Ann Moroney; matched by client named)
• 105 Adams Development, LLC: TIF, ZONING MAP AMENDMENT AND SBA APPROVALS (1 filing, Oct 1, 2025 to Dec 31, 2025; Liz Butler; matched by client named)

Money from these interests in the 365 days before the vote

Related legislation

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)

More on Agreements

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• First amendment to redevelopment agreement with 1539 N. Pulaski Road HHDC LP, 1539 N. Pulaski Road Charitable Corporation and Hispanic… (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… (O2026-0028748, introduced Sep 23, 2026, Passed)

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