Redevelopment agreement with 30 N LaSalle MF Redevelopment LLC to provide tax increment financing (TIF) assistance for 30 N LaSalle St

Record number: SO2025-0021691
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Dec 10, 2025
Final Action Date: Jan 21, 2026
Official record: Office of the City Clerk

Roll call: Passed Jan 21, 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 Jan 21, 2026.

Yea (50): 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), 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)

Plain-language summary

Written by AI (claude-opus-5-5) from the ordinance text only: SO2025-0021691_Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City sign an agreement with 30 N LaSalle MF Redevelopment LLC and Downtown Chicago Neighborhood Council NFP to turn part of the building at 30 N. LaSalle St. into 349 rental apartments. The City would pay up to $57 million from tax increment financing (TIF) money from the LaSalle Central TIF district to help cover project costs. About 30% of the apartments (105 units) would be affordable for low-income families.

Creates 349 rental units on part of the first floor and floors 2 through 18, about 358,201 square feet of residential space.
105 affordable units (about 54 studios, 42 one-bedrooms, 9 two-bedrooms) and 244 market-rate units.
Amenities include a fitness center, outdoor terrace, co-working space and lounge space.
The agreement can be signed only after the additional financing listed in Exhibit A is approved and available.
The project is treated as 'Affordable Housing' under Chapter 16-18 of the Municipal Code, and Section 5-11-110 does not apply to it.

Money

Up to $57,000,000 in TIF funds (Incremental Taxes from the LaSalle Central TIF Fund) to help pay eligible redevelopment project costs.

Who: The developers, 30 N LaSalle MF Redevelopment LLC and Downtown Chicago Neighborhood Council NFP, along with future renters, including low-income families who would live in the 105 affordable units.

Where: 30 North LaSalle Street, Chicago, IL 60602, in the LaSalle Central Redevelopment Project Area (ward not stated)

Timeline

Dec 10, 2025: Referred, City Council. The matter was Referred to Committee.
Jan 9, 2026: Substituted, Committee on Finance. The matter was substituted in Commitee.
Jan 14, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Jan 21, 2026: Signed by Mayor, City Council. The matter was Signed by the Mayor.
Jan 21, 2026: Passed, City Council (50 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.