Overview
- Wednesday’s vote authorizes the Department of Planning and Development to seek about $25.25 million in federal financing on behalf of developer Baum Revision.
- The Section 108 loan would be issued through the city with costs repaid by the developer over 20 years, though Chicago would carry default risk, officials said.
- The $88 million project would restore the 3,500-seat venue, create roughly 13,000 square feet of retail, add 16 affordable apartments, and provide small office space.
- City support now totals about $27.25 million, with potential landmark tax relief estimated at $6.2 million over 12 years and additional historic tax credits.
- Planning officials expect to file the application within days, with a decision anticipated within weeks and a spring start and late‑2027 completion if approved.