CDC approves TIF for BandWith Chicago

The Community Development Commission has approved TIF funding for the redevelopment of a formerly industrial building into the new headquarters of BandWith Chicago. Located at 134 S. California, the project site is located along S. California Ave stretching from W. Wilcox St down to W. Adams St.

Designed by Lamar Johnson Collaborative, the redevelopment will renovate the 21,460-square foot building into the headquarters of BandWith Chicago. The organization provides educational, rehearsal and performance spaces for music and dance students enrolled in their programs. The renovation will also include retail space for Dark Matter Coffee and separate administrative offices for Deborah’s Place, an organization which provides social services to homeless women.

The approximately $12.4 million development will be funded with $2.5 million in grants, $1.3 million in debt from Wintrust Bank, $1.8 million from a capital campaign, $1.85 million in New Market Tax Credits, and $5 million in TIF funding. 50% of the TIF funding from the city would be paid out upon completion of the project, with the final 50% paid out one year after the completion of the development.

With the Community Development Commission’s approval, the redevelopment agreement that outlines the proposed TIF funding will be finalized before moving to City Hall to get a final approval from City Council. If approved, construction would begin in March 2024 and be completed in January 2025.