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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director of Economic Development
DATE: May 1, 2018
SUBJECT:
A Resolution Approving Third Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street (Jimi Allen Photography - 18-0347 / AU22/3-17.073-AG/D - DD - Ward 2)
PURPOSE:
To complete the portions of the work at the building under the terms of the Approved Development Agreement.
BACKGROUND:
The current agreement includes the City's $82,000 grant combined with a $75,000 finish line grant to complete the project that brings the City's total participation in this project up to the $457,000 incentive amount.
DISCUSSION:
This project came before the Finance Committee and was recommended for approval in September of 2013 (Legistar 13-00625). The Development Agreement at that time contained an incentive amount of $457,000 of TIF assistance (not to exceed 33% of the project's total actual costs). That Agreement was ultimately tabled at the C.O.W. level and was eventually replaced by a Development Agreement approved in February of 2014 whereby the City funded a large portion ($300,000) of an emergency Facade repair (Resolution No. 14-048). This work was completed in 2015 and construction was well underway for the projected $2.3 million buildout (total includes the completed facade work). In June of 2016 a First Amendment to the Agreement allowed for the full expenditure amount of $457,000 to be provided for the project. In May of 2017 (Resolution No. R17-158) the City Council approved an Amendment to the agreement to extend the project construction period. The project completion is now eminent and Jimi Allen Photography is requesting an amendment to reflect the final completion date.
IMPACT STATEMENT:
This Resolution, if approved via letter of agreement, will have a positive impact on the redevelopment of downtown, specifically of LaSalle Street.
RECOMMENDATIONS:
It is recommended that the Third Am...
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