Tax Increment Financing (TIF) and Community Development

Tax Increment Financing (…

Neal & Leroy, LLC represents municipalities and private parties in all aspects of tax increment financing (TIF). We have also represented both municipalities and private owners in negotiating and closing TIF development agreements. One of our largest TIF projects was the more than $50 million TIF contribution to the University of Illinois South Campus Project.

We provide legal advice and representation in other types of community development projects including advice about financing opportunities and zoning restrictions, and obtaining land use permits as needed. We negotiate development agreements with developers and coordinate the efforts of diverse municipal departments such as transportation, zoning, and building. We also serve to organize and facilitate input meetings and agreements between locally elected officials and community organizations. In assembling the various projects for community development, we advise clients on the assemblage of property and determining the appropriate value for such properties.

We advise clients on drafting TIF legislation, ordinances, and development reports. 

Representative Matters

Antheus Capital

  • Neal & Leroy represented Antheus Capital in the redevelopment of an obsolete shopping center into a Whole Foods grocery store with over 200 rental units above. The project involved amending several different TIFs and merging surrounding TIFs, as well as obtaining closing on a TIF transaction with the City of Chicago.

University of Illinois - South Campus Development

  • Neal & Leroy represented the Board of Trustees of the University of Illinois in its development of the 60-acre South Campus Development. This complex project involved the acquisition of more than 100 parcels of privately owned property, the negotiation of a tax increment financing agreement including $50 million in TIF assistance, acquisition of abandoned railway right-of-way, negotiations with the Illinois Department of Transportation and the City of Chicago Department of Transportation with respect to street relocations and the occupancy of public rights-of-way and the obtaining of zoning and building permits. 

City of Chicago - Block 37 Reacquisition

  • Neal & Leroy served as legal counsel to the City of Chicago in its reacquisition of a square block in the Chicago Central Business District in the North Loop Tax Increment Financing Area. The developers had entered into a TIP redevelopment agreement with the City, but had defaulted in their development obligations. We analyzed the mutual obligations under the agreement, advised the City as to its reaequisition alternatives, negotiated with the private owner, and drafted the documents permitting the City to reacquire the property.

Village of Oak Park

  • Neal & Leroy represented the Village of Oak Park in all aspects of the acquisition and redevelopment of the downtown area. We advised the Village with respect to the valuation of, authority to acquire, and the acquisition of parcels of real property plus the reaquisition of restrictive covenants that had prohibited development of the site. On behalf of Oak Park, we negotiated the TIF development agreement with proposed private developers and drafted the necessary ordinances to implement the plans of development.

Commerce Clearing House, a Wolters Kluwer Company (CCH)

  • Neal & Leroy served as legal counsel in a redevelopment agreement between the City of Chicago and CCH. This project consisted of the rehabilitation of one of CCHs facilities, and under the terms of this redevelopment agreement the City will provide up to $5 million to the developer for this project.

Friedman Properties, Inc. - Medinah Temple (Bloomingdale Home Store), Chicago, IL

  • Neal & Leroy served as legal counsel in the negotiation and development under a TIF redevelopment agreement. The structures were City landmarks, National Register listings, and UNESCO World Heritage sites. 

The Harlem Irving Companies - North Cicero Redevelopment Project, Chicago, IL

  • Neal & Leroy represented the shopping center developer in its negotiation of, and development under, a TIF redevelopment agreement with the City of Chicago.

The Black Ensemble Theater

  • Neal & Leroy represented The Black Ensemble Theater in entering into a redevelopment agreement with the City of Chicago to provide up to $6 million in TIF for the acquisition of property at 4440-4450 North Clark Street.

The Women’s Treatment Center

  • Neal & Leroy represented The Women’s Treatment Center in entering into a redevelopment agreement with the City’s agreement to provide reimbursement for up to $1 million in TIF-eligible costs for rehabilitation of its facility at 140 North Ashland Avenue.

Peterson-Cicero LLC

  • Neal & Leroy represented Peterson-Cicero LLC in entering into a redevelopment agreement with the City with the City’s agreement to reimburse the developer up to $10.3 million towards TIF-eligible costs for the project located at 6000 North Cicero Avenue. 

ICE Theater-210 W. 87th Street

  • Neal & Leroy represented ICE Theater in entering into a redevelopment agreement with the City to reimburse the developer for up to $3 million in TIF-eligible expenses for the theatre at 210 West 87th Street.

We welcome you to contact Neal & Leroy at (312) 641-7144 or info@nealandleroy.com to discuss how we may be of service in a Tax Increment Financing or Community Development matter.