TIF Profile: Near South

District Map
Date TIF Created: 11/28/1990	Termination Date: 12/31/2014	Size: 323 Acres
TIF Plan Consultant: Trkla, Pettigrew, Allen & Payne, Inc. TIFWorksELIGIBLE Ward(s): 2, 3		Land Use:	Industrial Commercial Residential
Schools: Jones Magnet
Community Area(s): Loop, Near South Side
Initial EAV: $128,657,114.00 Current EAV (2004): $539,872,958.00 Fund Balance (2004): $63,989,900.00 Total Increment to Date (2004): $112,841,906.95

Total TIF Increment and EAV by Year

Year	EAV	Increment
1991	$19,800,734.00	$1,596,355.00
1992	$12,589,751.00	$904,694.00
1993	$13,085,026.00	$645,728.00
1994	$153,641,133.00	$2,338,678.00
1995	$151,758,662.00	$2,860,973.00
1996	$169,495,009.00	$4,113,944.00
1997	$195,171,648.00	$5,897,376.00
1998	$207,823,650.00	$7,009,846.00
1999	$241,050,350.00	$3,580,601.00
2000	$278,955,288.00	$11,864,745.00
2001	$305,481,246.00	$19,909,756.00
2002	$356,152,516.00	$25,917,219.00
2003	$482,839,055.00	$23,546,426.59
2004	$539,872,958.00	$2,655,565.36
Total Increment to Date (2003):		$112,841,906.95

Redevelopment Agreements

Date Authorized: 11/01/2005 Units of Affordable Housing: 0 Developer: Urban Heritage Chicago Blackstone Hotel, LLC; Blackstone Hotel Developer, L Description:  334 room Marriott Renaissance Hotel development. $6 million TIF Note. Development using New Market Tax Credits ($14,000,000), Historic Tax Credits ($14,142,050) $12 million additional TIF assistance for phased construction assistance costs Private Investment: $66,113,716.00 Promised Jobs Created: 160 TIF Assistance: $18,000,000.00 Promised Jobs Retained:

Date Authorized: 10/06/2005 Units of Affordable Housing: 0 Developer: L'Oreal USA Products INC Description:  rehabilitate existing building in research and development complex Private Investment: Promised Jobs Created: TIF Assistance: $1,250,000.00 Promised Jobs Retained:

Date Authorized: 10/31/2001 Units of Affordable Housing: 0 Developer: Chicago Public Schools/Jones Academic High School Description:  October, 2001: City Council approves $52 million for Jones Private Investment: $1,000,000.00 Promised Jobs Created: 0 TIF Assistance: $27,000,000.00 Promised Jobs Retained: 0

Date Authorized: 12/13/2000 Units of Affordable Housing: 9 Developer: Roosevelt LLC, Somerset Hotel LLC, NRPRH, LLC Description:  Restore and convert Roosevelt Hotel into rental apts. Developers are Allison Davis, and Frankel & Giles, both at 1538 S. State; developers paid $3 million for the property; must keep apartments affordable, whether rented or sold, at least through the life of the TIF district Private Investment: $7,351,025.00 Promised Jobs Created: 0 TIF Assistance: $2,350,000.00 Promised Jobs Retained: 0

Date Authorized: 06/07/2000 Units of Affordable Housing: 0 Developer: American Stores Properties, Inc. Description:  40,000 sq. ft. grocery/drugstore. 137 parking spaces and 21 employee spots. Two 1,000 sq. ft. retail stores in parking lot. $100,000 for rehab of Roosevelt Road El Station. Private Investment: $15,021,090.00 Promised Jobs Created: 115 TIF Assistance: $2,000,000.00 Promised Jobs Retained: 0

Date Authorized: 12/15/1999 Units of Affordable Housing: 0 Developer: Public Building Commission/Chicago Park District Description:  Board of Education conveyed parcel fo land to Park District for park at 14th Pl. and Wabash Ave. Public Building Commission handles construction. Private Investment: $0.00 Promised Jobs Created: 0 TIF Assistance: $1,300,000.00 Promised Jobs Retained: 0

Date Authorized: 07/13/1995 Units of Affordable Housing: 96 Developer: Senior Suites Chicago Description:  Six-story, 71,586 sq. ft. building including 96 units of low- to moderate-income senior citizens. Private Investment: $3,547,600.00 Promised Jobs Created: 5 TIF Assistance: $960,000.00 Promised Jobs Retained: 0

Date Authorized: 09/14/1994 Units of Affordable Housing: 0 Developer: Wabash Ltd. Partnership Description:  Rehab adjoining 3 and 10 story structures. Create 87 one/two bedroom condos of 860-1,800 sq. ft. each, 56 indoor parking spaces and 64 outdoor parking spaces. Private Investment: $10,475,698.00 Promised Jobs Created: 0 TIF Assistance: $2,000,000.00 Promised Jobs Retained: 0

Date Authorized: 07/24/1991 Units of Affordable Housing: Developer: Central Station Development Corp. Description:  original red. agr. 8/3/94, p. 5488 Comm., retail, exhibition, office, hotel, res., institutional, public use. Commitment to construct 20% affordable housing (up to 400 units). Phase I includes sewer, landscaping, parkland, mainly site prep & demolition. Private Investment: Promised Jobs Created: 0 TIF Assistance: $10,803,000.00 Promised Jobs Retained: 0

Bonds

Date Issued	Debt Instrument	Principal	Interest Rate
11/15/2003	Near South Redevelopment Project Series 2001A	$39,011,762.00	4.75% -6.25%
11/15/2001	Near South Redevelopment Project Series 1994A	$23,000,000.00	9.25%
11/15/1999	Near South Redevelopment Project Series 1999A	$42,500,000.00	4.0% - 5.65%
	Near South Redevelopment Project Series 1999B	$7,500,000.00	4.0% - 5.65%
	Near South Redevelopment Project Series 2001B	$7,230,000.00

Developer Notes

Date Authorized	Note	Principal	Interest Rate
11/01/2005	City of Chicago Tax Increment Allocation Revenue Note (Blackstone Hotel Development Project) Taxable Series A	$6,000,000.00	8%

Estimated TIF Redevelopment Budget

Project Type	Amount
Professional Services/Administration	$700,000.00
Property Acquisition, Site Prep, Demolition, Environmental	$9,300,000.00
Rehabilitation of Existing Buildings	$21,000,000.00
Public Improvements	$57,400,000.00
Job Training	$1,250,000.00
Contingencies	$6,000,000.00
Total:	$95,650,000.00