Office of the City Clerk - Record #: R2019-741

• Record #: R2019-741
• Type: Resolution
• Status: Failed to Pass
• Intro date: 10/16/2019
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/24/2023
• Title: Call for hearing(s) on Lincoln Yards Redevelopment Agreement and Cortland and Chicago River Tax Increment Financing (TIF) district
• Sponsors: La Spata, Daniel , Sigcho-Lopez, Byron, Martin, Matthew J. , Rodriguez Sanchez, Rossana , Maldonado, Roberto, Vasquez, Jr., Andre, Ramirez-Rosa, Carlos, Smith, Michele, Cardona, Jr., Felix , Taylor, Jeanette B. , Hadden, Maria E.
• Topic: CITY DEPARTMENTS/AGENCIES - Law, - CITY DEPARTMENTS/AGENCIES - Planning & Development, - COMMITTEE/PUBLIC HEARINGS - Committee on Finance
• Related files: R2023-766

Date	Journal Page Number	Action By	Action	Result
5/24/2023		City Council	Failed to Pass
10/16/2019	8288	City Council	Referred

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Committee on Finance September 18, 2019 City Council Meeting

Resolution
A resolution calling a hearing on Lincoln Yards and the Cortland and Chicago River TIF at the Committee on Finance.

WHEREAS, economic restructuring and development pressures produced neighborhood change in and around the earliest Planned Manufacturing Districts (PMD), resulting in the move of Finkl Steel and other adjacent businesses; and,

WHEREAS, Sterling Bay began purchasing particular industrial sites within the PMD which it "believed were underutilized, undervalued, and positioned for redevelopment" (lincolnyards.com ; hereafter "LY") in 2016; and,

WHEREAS, proposed redevelopment in the PMD was marketable, as Sterling Bay established an investment strategy with Lone Star Funds in 2016 (LY); and,

WHEREAS, the market for proposed redevelopment at Lincoln Yards expanded, as S & P Global noted that JP Morgan Asset Management and Lone Star Funds were involved with investment vehicles financing various aspects ofthe redevelopment (S & P Global, October 17, 2018); and,

WHEREAS, the City of Chicago prepared for redevelopment at Lincoln Yards through the Industrial Corridor Modernization Initiative, implementing the North Branch Framework Plan in May 2017 (Chicago Plan Commission); and,

WHEREAS, the North Branch Framework Plan (page 8) recognized that review ofthis Industrial Corridor was required, in part, due to "market demand for new uses that are currently prohibited"; and,

WHEREAS, the North Branch Framework Plan (page 8) provided recommendations "to refine existing zoning to more accurately accommodate existing and projected market demands, including an ongoing shift from traditional manufacturing towards advanced manufacturing, innovation, high tech offices and other uses"; and,

WHEREAS, the North Branch Framework Plan (page 66) established new zoning districts for portions ofthe site to be redeveloped as Lincoln Yards, repealing the obsolete PMD zo...