Quantcast

City Council Approves $130 Million in Tax Incentives to Revive Rosenwald

By Sam Cholke | October 17, 2013 8:40am
 The City Council approved a loan for Landwhite Developers to begin acquiring the Rosenwald, the historic apartment building that dominates an entire block at South Michigan Avenue and East 47th Street last year and on Wednesday approved another $125 million in tax incentives to revive the buiding.
The City Council approved a loan for Landwhite Developers to begin acquiring the Rosenwald, the historic apartment building that dominates an entire block at South Michigan Avenue and East 47th Street last year and on Wednesday approved another $125 million in tax incentives to revive the buiding.
View Full Caption
DNAInfo/Sam Cholke

BRONZEVILLE — The City Council on Wednesday approved $125 million in tax incentives to revive a massive apartment building that was once home to Nat “King” Cole, Quincy Jones and Gwendolyn Brooks.

The Rosenwald Courts that was once the home to the luminaries of Bronzeville has loomed vacant since 1999, dominating the whole block from 47th to 46th streets on South Michigan Avenue.

“The Rosenwald has a long and storied history, but the city’s support for its comprehensive rehabilitation will ensure its best days are yet to come,” said Mayor Rahm Emanuel.

To rehabilitate the building built by Julius Rosenwald, former president of Sears, Roebuck and Co., the city is pitching in $25 million in tax increment finance funding.

City support will also include a financial cocktail of a $58.6 million bond sale, $34.2 million in low income housing tax credit equity, a $5 million Neighborhood Stabilization Program grant and $2.8 million in tax credits.

On Halloween of last year, the City Council approved a $5 million interest-free loan for the project, bringing total city support for the $110 million rehab to $130 million.