Redevelopment agreement with 111 Monroe Hotel Landlord LLC to provide tax increment financing (TIF) assistance for development of Monroe Hotel project at 111 W Monroe St

Record number: SO2026-0027146
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Jul 15, 2026
Final Action Date: Sep 23, 2026
Official record: Office of the City Clerk

Roll call: Passed Sep 23, 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 Sep 23, 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: SO2026-0027146 Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.

This ordinance names 111 Monroe Hotel Landlord LLC as the developer for a hotel project at 111 W. Monroe St. and lets the City's Planning Commissioner sign a redevelopment agreement with it. The project would turn part of an existing building into a luxury boutique hotel inside the LaSalle Central tax increment financing (TIF) district. The agreement itself is an attached exhibit and was not included in the text provided.

Designates 111 Monroe Hotel Landlord LLC as the developer for the Monroe Hotel project.
Authorizes the Commissioner of Planning and Development to negotiate and sign a redevelopment agreement with the developer.
The project covers part of floors 1-12 and floor 23 of the building, which will be split off as a separate parcel.
Planned hotel: about 307 rooms and suites, about 20,000 sq. ft. of ballroom and meeting space, two restaurants and a bar, a spa and fitness center, a reopened historic Monroe Club on the penthouse floor, and a rooftop pool deck of about 21,000 sq. ft.
The Community Development Commission recommended the deal on May 12, 2026. The ordinance takes effect when passed and approved.

Who: The developer, 111 Monroe Hotel Landlord LLC, and its affiliate property owner, 111 W Monroe LLC, are directly affected, along with the City, which would provide TIF assistance under the agreement.

Where: 111 W. Monroe St., Chicago, IL 60603, in the LaSalle Central TIF Redevelopment Project Area

Timeline

Jul 15, 2026: Referred, City Council. The matter was Referred to Committee.
Sep 22, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Sep 22, 2026: Substituted, Committee on Finance. The matter was Substituted in Committee.
Sep 23, 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.