Latest News in Chicago, IL

Expedited Process Approved for Select Land Sales, Acquisitions

The City of Chicago has approved an expedited process for land sales and acquisitions, aimed at revitalizing neighborhoods with nearly 10,000 parcels of vacant land. This initiative, inspired by Mayor Brandon Johnson’s Cut the Tape campaign, eliminates the previous requirement for omnibus approval from the Chicago Plan Commission. The changes are expected to streamline the city's approach to land disposals and facilitate urban development.

Lease Agreements Approved for Community Plazas on City-Owned Land

The City of Chicago has approved lease agreements for three new public open spaces in Grand Boulevard, Englewood, and North Lawndale, which will operate for the next three years. This initiative, part of the Public Outdoor Plaza (POP!) program, formalizes partnerships with community organizations managing these spaces. These developments are expected to enhance community engagement and accessibility to public areas.

TIF Support Approved for Residential Conversion of Loop Office Space

The City of Chicago has approved $28 million in Tax Increment Financing (TIF) to support the conversion of seven floors at 79 W. Monroe St. from office space to 117 mixed-income residential units. This project, led by Brown Derby LLC, aims to provide affordable housing, with 35% of the units priced for households earning 60% of the area median income, amidst ongoing trends of office-to-residential conversions in urban areas.

Neighborhood Opportunity Fund Grant Would Support Austin Arts and Cafe Hub

A proposed Neighborhood Opportunity Fund grant of $980,000 aims to establish an arts and cultural center in Austin, Chicago, with the Outwest Gallery and Cafe leading the initiative. The project will repurpose a vacant building into a community space that promotes local artists and offers a pay-what-you-can food model. Additional funding will support local hiring and training initiatives.

Recreation Space on Lower West Side Proposed for City Support

A proposed allocation of $455,000 from the Open Space Impact Fee aims to create a new garden and public space on the Lower West Side of Chicago, as announced by Mayor Brandon Johnson. The half-acre site at 947 W. Cullerton St. is set to feature a play area, dog run, landscaping, and public art, enhancing community recreational opportunities.

City Assistance Proposed for School Improvements

The City of Chicago has proposed over $5 million in assistance for improvement projects at two Chicago Public Schools, namely Chicago Vocational Career Academy High School and Goethe Elementary School. This initiative, introduced by Mayor Brandon Johnson, aims to enhance educational facilities and resources. The proposal highlights the city's commitment to supporting local education through Tax Increment Financing.

New Tax Rebate to Support South Chicago Quantum Computing Park

The City of Chicago has introduced a new property tax rebate program aimed at supporting the Illinois Quantum and Microelectronics Park (IQMP) in South Chicago. This initiative, presented by Mayor Brandon Johnson, proposes to reduce the tax rate on properties used for quantum computing, significantly lowering it from 25% to 10% for a duration of 30 years.

Four Industrial Projects Receive Property Tax Incentives

Four industrial projects on Chicago's West Side have been approved for property tax incentives, saving over $13 million in taxes through Cook County. The City Council's decision aims to bolster local development and attract businesses to the area, enhancing economic growth.

Various Measures Introduced to and Approved by The Chicago City Council

The Chicago City Council has introduced and approved various measures aimed at enhancing community welfare and governance. These initiatives reflect the city's commitment to addressing critical local issues and improving the quality of life for its residents. Key measures include public health initiatives and community development programs.

Mayor Brandon Johnson and the City Of Chicago Announce $1.5 Billion Refinancing Plan to achieve $110 Million in Debt Savings

Mayor Brandon Johnson of Chicago has announced a significant refinancing plan aimed at saving the city $110 million in debt payments. The plan involves refinancing $1.5 billion in debt, which is expected to alleviate some financial burdens for the city.