Issuance of multi-family housing revenue bonds to Lathrop Preservation Phase IC LP for lease and development of facilities at 2600-2618, 2601-2631, 2628-2662, 2664-2704, 2633-2667, 2740 and 2750-2768 N Hoyne Ave and 2731-2759 N Leavitt St

Record number: SO2026-0024082
Type: Ordinance; category: Bonds & Bond Issues
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: SO2026-0024082 Substitute Ordinance with Substitute Exhibit A_FINAL_4.10.26.pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City issue up to $100 million in housing revenue bonds and loan the money to Lathrop Preservation Phase IC, LP to renovate and build apartments at the Lathrop housing site. The project will renovate seven buildings, tear down three, and build one new building, for about 309 rental units, with most set aside for lower-income households. The City also approves up to $40 million in tax increment financing (TIF) funds for the project, and the bonds are not a debt of the City or backed by its taxing power.

Authorizes up to $100 million in tax-exempt bonds, lasting no more than 36 years at no more than 12% interest.
About 309 apartments: about 63 for households earning up to 30% of area median income, 113 up to 60%, 72 up to 80%, and 61 market-rate units.
Includes two parking lots with about 101 spaces for residents of all Lathrop phases; these will not be paid for with bond money but may get TIF funds.
The Chicago Housing Authority owns the land and will provide a long-term ground lease; the Borrower and Bickerdike Redevelopment Corporation are named as developer.
The City cannot be forced to use taxes to repay the bonds; they are paid only from project-related funds.

Money

Up to $100,000,000 in City housing revenue bonds loaned to the developer
Up to $40,000,000 in City TIF funds ($3,500,000 from Diversey/Chicago and $36,500,000 from Addison South)
$100,000,000 construction loan from Bank of America
$41,000,000 zero-interest loan from the Chicago Housing Authority
$63,103,000 in expected Low-Income Housing Tax Credit proceeds

Who: This affects Lathrop Preservation Phase IC, LP and Bickerdike Redevelopment Corporation as developers, the Chicago Housing Authority as landowner, and low- and moderate-income households who may rent the apartments.

Where: 2600-2618, 2601-2631, 2628-2662, 2664-2704, 2633-2667, 2740, and 2750-2768 N. Hoyne Ave. and 2731-2759 N. Leavitt St., in the Diversey/Chicago River Redevelopment Project Area

Timeline

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