Poter also is including a parcel he already has acquired at 4015-21 N. Milwaukee Ave., near the "Six Corners" intersection of Irving Park Road, Cicero and Milwaukee avenues. Among the retailers signing letters of interest are the Borders book store chain, a local Italian restaurant and a florist, reports Kathy Feingold of the department of planning and development's finance division.
"People are very interested to get information from us," Poter says.
While condominiums in the Portage Park neighborhood sell for an average of $175,000, Poter's units in the Klee Building will range up to $239,000.
Although some members of the community development commission questioned Poter's budget before grudgingly recommending tax increment financing, Feingold suggests the assistance is justified.
At 13.3% of the total cost of the $18.7-million project, the $2.5 million in tax increment financing is less than the 20% mark the department aims to stay under, Feingold says. Also, Poter will not collect on the assistance for 10 years, she adds.
"It's a tight deal as it is," Feingold says. "He's taking a great risk of seeing any profit."
One exit strategy Poter already is considering is selling off the retail space.Poter says he is seeking a $14.9-million loan, and hopes to break ground later this year or early 2005.
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