Issuance of multi-family program funds and other financial assistance to HUB32 LLC for development of HUB32 project at 201 N Kedzie Ave, 3209 W Lake St and 3201 W Lake St

Record number: SO2026-0024073
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Mar 18, 2026
Final Action Date: Apr 15, 2026
Official record: Office of the City Clerk

Roll call: Passed Apr 15, 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 Apr 15, 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: SO2026-0024073 Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City lend money to HUB32, LLC to build one building with 51 affordable apartments for low-income families, plus commercial space, at 201 N. Kedzie Ave., 3209 W. Lake St. and 3201 W. Lake St. The City would also sell three City-owned lots appraised at $240,000 to the developer for $1, and approves a redevelopment agreement that uses tax increment financing (TIF) money from the Midwest TIF district.

Approves a City housing loan of up to $10,000,000 from Multi-Family Program Funds to HUB32, LLC.
Approves up to $14,500,000 in TIF funds from the Midwest TIF district to help pay eligible project costs.
Sells three City-owned parcels to the developer for $1, though they were appraised at $240,000 in July 2023.
The developer was chosen through a City Request for Proposals that received three submissions, and was recommended by the Community Development Commission on February 10, 2026.
The developer will also take over a public alley to be vacated and dedicate land for a new 16-foot north/south alley under a separate ordinance.

Money

Up to $10,000,000: City loan from Multi-Family Program Funds for the project
Up to $14,500,000: TIF funds (City Funds) loaned for eligible project costs
$240,000: appraised fair market value of the City parcels as of July 2023
$1: sale price of the City parcels to the developer

Who: HUB32, LLC, the developer, benefits from the loans and land sale, and low-income families could live in the 51 affordable apartments.

Where: 201 N. Kedzie Ave., 3209 W. Lake St. and 3201 W. Lake St., Chicago, IL 60612, within the Midwest Redevelopment Project Area (TIF district)

Timeline

Mar 18, 2026: Referred, City Council. The matter was Referred to Committee.
Apr 13, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Apr 13, 2026: Substituted, Committee on Finance. The matter was substituted in Commitee.
Apr 15, 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.
Apr 15, 2026: Signed by Mayor, City Council. The matter was Signed by the Mayor.