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MegadealsSubsidy Tracker Individual Entry
Company: Irving Park Property Holdings, LLC
Parent Company:
Subsidy Source: local
Location: Illinois
City: Chicago
Address: 4901 W Irving Park Rd
Project Description: The developer is Irving Park Property Holdings LLC whose sole member is Charles H. Cui. The developer proposes a retail development of three acres in the Six Corners shopping district. The leasable square footage of retail space is approximate 71,330 and will consist of a mix of national and regional tenants. Retailers that have expressed interest include Binny's, Culver's Restaurant, Retro Fitness, and various not-for-profit movie theater operators and art groups. Mr. Charles H. Cui, has formed an entity Irving Park Property Holdings, LLC, for the purpose of redeveloping approximately three acres located between Lamon and Lavergne Avenues on West Irving Park Road. The site has the common address of 4901 West Irving Park which consists of a two-story, vacant bank building that has a gross building area of 63,502 square feet, 4925 West Irving Park, which consists of a single story retail building immediately adjacent to the bank building, and 4939 West Irving Park which consists of an obsolete one-story auto garage building with a building area of 5,000 square feet, in Chicago. The proposed redevelopment project is to renovate the vacant bank building and the adjacent building into approximately 67,430 square feet of retail, commercial and office space. The bank building will have approximately 61,212 square feet of leased space. The major tenant, Binny's, will occupy the entire first floor, a fitness user will initially occupy the entire lower level and a portion of the second floor, and a movie theater, art center, and complementary businesses are intended to occupy the second floor. The developer will build out the arts and complementary business space and deliver a plain vanilla shell suitable for such use. The second floor will also initially have other office tenants. The adjacent building will be an approximately 5,123 square foot restaurant initially leased to Elly's Pancake House. There is an existing parking lot behind these buildings that will provide approximately 173 parking spaces. The developer will demolish the one-story building at 4939 West Irving Park Road and replace it with a new, approximately 3,900 square foot commercial building that will be leased to Culver's. The City intends to reimburse the Developer for a portion of its TIF-eligible costs in an amount not to exceed the lesser of $2,000,000 or 14.2% of the Total Project Costs for the completion of the Project. The TIF funds will be paid in five equal payments of $400,000 annually contingent upon the availability of funds.
Year: 2015
Subsidy Value: $2,000,000
Program Name: Chicago: Tax Increment Financing
Awarding Agency: Chicago Department of Housing and Economic Development
Type of Subsidy: tax increment financing
Capital Investment: $14,106,174
Source of Data:
(click here)
Notes: Subsidy is issued for Portage Park TIF district. Year is year credit approved. Capital investment is total project cost.
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