On Thursday, Feb. 18, 2016, Mayor Rahm Emanuel announced an initiative to further drive neighborhood development. The proposal seeks to reform an existing ordinance to allow developers to obtain additional square footage for construction projects in the downtown area, in exchange for investments that support neighborhoods in need.
The City’s current Zoning Board Ordinance enables additional square footage in downtown development projects in exchanges for projects that provide limited public benefit. The Mayor’s initiative aims to revamp the current system by eliminating outdated bonuses, closing loopholes and establishing a new funding source for economic development projects in underserved neighborhoods.
The Chicago Association of REALTORS® is reviewing the ordinance and its potential interaction with the Affordable Housing Ordinance. Developers who have insights on the effects of this expanded zoning district are asked to contact Senior Director of Government Affairs Brian Bernardoni with information.