Assistant City Manager Judith Aiello says the change will resultin an additional $1.09 million in property tax revenue. The 212condominium units will generate $7,000 a year in property taxrevenue, she explained recently to aldermen, while the 196apartments would have produced just $2,000 per unit. Aldermenunanimously approved an amended redevelopment agreement for thecondominiums.

A parking garage on Sherman Avenue, which will be rebuilt in thefirst phase of the development, will be demolished after theholiday shopping season. Final plans now call for 1,591 parkingspaces in the rebuilt garage. However, 256 spaces would be boughtback by the developer, Sherman Plaza Venture LLC, a partnershipthat includes James Klutznick, whose family developed the WaterTower Place, Old Orchard and Oakbrook shopping centers.

While the parking garage is expected to be ready for next year'sholiday shopping season, the retail space will not be ready untilthe following spring, with the condominium tower to be completedlater in 2003.

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