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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: February 6, 2014
SUBJECT:
A Resolution Authorizing the Execution of a Development Agreement for the Fa?ade Repair and Restoration of 56-60 S LaSalle St (Gravity Building, L3C - AU22/3-11.285-AG - SP Ward 1)
PURPOSE:
Attached is a resolution authorizing the execution of a development agreement for Jimi Allen Photography, Inc. Pursuant to the Agreement Jimi Allen Photograph, Inc. will receive a $300,000.00 reimbursement toward the architectural fees and life safety repairs and restoration of the building at 56-58-60 S LaSalle St. Funding for the reimbursement will come from Tax Increment Financing District No 1.
BACKGROUND:
The property at 56-58-60 S LaSalle Street, built in 1914, is part of the LaSalle Street Auto Row National Register Historic District. Jimi Allen Photography Inc. purchased the property is 2011 for $256,000, and has addressed some safety concerns and begun restoration on the building, however the front fa?ade of the building has structural problems which if not addressed could result in irreparable damage to the building and threaten the safety of those on the public way.
DISCUSSION:
The project will restore the front fa?ade of a vacant 16,000 square foot Coats building, now called the Gravity Building, which once housed automobile dealerships and manufacturing uses. The exterior life safety work includes the repair/replacement of the parapet wall and the front fa?ade masonry, front fa?ade window and door replacement on the 2nd and 3rd floors with ancillary railings, and any ancillary roof repair caused by the fa?ade repair/replacement.
The Development Agreement proposes an Incentive Amount of $300,000.00 or up to 50% of the Actual Project Costs of the Project with $50,000.00 being a reimbursement for architectural design fees and $250,000.00 being a reimbursement to for the for the exterior life safety rehabilitation, reconstruction, a...
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