Summary

Committee on Finance approves financing package for Thrive Exchange South redevelopment

ChicagoOct 28, 20241 min read

At a glance

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On October 28, 2024 the Committee on Finance passed a substitute ordinance approving a redevelopment agreement and the issuance of Multi-Family Tax-Exempt Bonds and other financial assistance to Thrive Exchange, LLC for the Thrive Exchange South project at 7905 S. Exchange Avenue (7th Ward). Approved assistance amounts not to exceed: $6,700,000 from the Chicago Recovery Plan; $13,100,000 from TIF; and $19,175,000 in Tax-Exempt Bonds.

Projects mentioned

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Approved TIF

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Committee on Finance

Topics discussed

Thrive Exchange SouthTIF assistance7th Ward7905 S. Exchange AvenueMulti-Family Tax-Exempt BondsBudget & TaxChicago Recovery Plan fundingRedevelopment agreementHousing

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Key decisions

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Passed substitute ordinance authorizing execution of a redevelopment agreement with Thrive Exchange, LLC for Thrive Exchange South (7905 S. Exchange Avenue).
Authorized issuance of Multi-Family Tax-Exempt Bonds for the project (amount not to exceed $19,175,000).
Approved Chicago Recovery Plan assistance for the project (amount not to exceed $6,700,000).
Approved TIF assistance for the project (amount not to exceed $13,100,000).

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