Chicago's Community Development Commission is scheduled on Tuesday to take up a controversial luxury housing project proposed for Uptown.
The $121 million project, proposed for the former Columbus Maryville Academy site near the city's lakefront, calls for a $15.8 million TIF subsidy, reports Crain's Chicago Business.
As part of the proposal, TIF money would not be provided to the developers before the project's completion.
JDL Development and Harlem Irving have proposed building a residential complex with 381 units, 20 of which would be affordable. The developers plan to pay $5.7 million into the city's low-income housing fund to cover additional affordable units required under the city's Affordable Requirements Ordinance (ARO).
As part of the development, another $4.6 million from the developers would be put toward the Clarendon Park Community Center's renovation.