The Chicago City Council has approved a change to the subsidy agreement for the $151-million Wilson Yard mixed-used project in Uptown in an effort to make the financing more attractive to lenders.
Eliminating the stop-payment provision “was our only option, and we took it,” says a spokesman for the Department of Planning and Development. A deal for construction financing for the long-delayed project is now expected to close next month, he says.
Mr. Holsten, president of Chicago-based Holsten Real Estate Development Corp., who was selected as the project’s master developer in 2003, did not return a call requesting comment. In April, he said he expected construction to start in June after the council approved a 25% increase in the TIF subsidy for the project, which is to include 178 units of affordable housing, 100 for senior citizens. The project has become a focal point for opponents and supporters of Ald. Helen Shiller of the 46th Ward, which includes the site.
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