Redevelopment agreement with Field Building Revitalization Partners LLC and Downtown Chicago Neighborhood Council NFP to provide tax increment financing (TIF) assistance for mixed-use development at 135 S LaSalle St

Record number: SO2025-0018762
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 give up to $98,000,000 in tax increment financing (TIF) money to help turn the building at 135 S. LaSalle Street into 386 apartments, including 116 affordable units, plus shops and services.

Who it affects

Low- and moderate-income renters: 116 of the 386 new rental units (30%) would be affordable to families earning between 40% and 80% of the Chicago-area median income.
Market-rate renters: 270 market-rate rental units would be created, with amenities like a fitness center, outdoor terrace, co-working space, lounge, and parking.
Downtown residents and workers in the LaSalle Central area: About 92,000 square feet of commercial space could include a small grocery store, fitness center, medical services, education, and cultural uses.
Field Building Revitalization Partners LLC and Downtown Chicago Neighborhood Council NFP: They would be named the developer and could receive up to $98,000,000 in TIF funds to pay for part of the project costs.
Taxpayers in the LaSalle Central TIF district: Property tax increment collected in the district would be used to make payments to the developer under the agreement.

What changes

An existing building at 135 S. LaSalle St. would be redeveloped into a mixed-use building.
386 rental apartments would be added, with 116 set aside as affordable units.
New neighborhood services, such as a small grocery store, fitness center, and medical services, could open in the building.
Two levels of enclosed parking would be built on floors 3 and 4.
The project would be treated as qualifying under a section of the Municipal Code, and Section 5-11-110 of the Municipal Code would not apply to it.

Money

Up to $98,000,000 in TIF funds paid by the City to the developer to cover part of eligible project costs.
Incremental property taxes from the LaSalle Central area would be deposited into a special TIF fund used to make payments under the agreement.

Where: 135 South LaSalle Street, Chicago, Illinois 60603; LaSalle Central Redevelopment Project Area

When: Effective on the date of its passage and approval.

Timeline

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

O2025-0018762.pdf (Legislation)
O2025-0018762 Exhibit B - Legal Description.pdf (Exhibits)
SO2025-0018762 DowntownChicagoNeighborhoodCouncilNFP-EDS_Rev-Signed-2025-09-10.pdf (EDS)
SO2025-0018762 Substitute Ordinance.pdf (Legislation)
SO2025-0018762 Exhibit B Legal Description.pdf (Exhibits)
SO2025-0018762 Exhibit A Additional Financing Terms.pdf (Exhibits)
SO2025-0018762 Exhibit C Redevelopmemt Agreement.pdf (Exhibits)
SO2025-0018762 C.L. Finance.pdf (Committee Letter)
O2025-0018762 Exhibit A - Additional Financing Terms.pdf (Exhibits)
O2025-0018762 Exhibit C - Redevelopment Agreement.pdf (Exhibits)
O2025-0018762 EDS.pdf (EDS)
O2025-0018762 Mayoral Transmittal Letter.pdf (Miscellaneous)

Lobbying and money

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

Who lobbied on it

Field Building Revitalization Partners, LLC: APPLICATION FOR A CLASS L PROPERTY TAX INCENTIVE FOR 135 S. LASALLE (8 filings, Jan 1, 2025 to Sep 30, 2026; Bridget O'Keefe; matched by street address)
Field Building Revitalization Partners LLC: TIF RDA (4 filings, Apr 1, 2026 to Sep 30, 2026; Mariah Digrino; matched by client named)

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