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CHICAGO-The city will issue $27 million in tax increment revenue notes to help develop ABN AMRO’s 1.3-million-sf office tower at 540 W. Madison St. under an ordinance introduced in the city council. The developer, LaSalle Street Capital, Inc., will borrow the money at 7.25% and use it to pay acquisition and construction costs.

LaSalle Street Capital is a subsidiary of ABN AMRO, a Netherlands-based holding company whose operations locally include LaSalle Bank. The company ultimately proposes a two-tower, 2.5-million-sf development costing about $500 million to develop.

Tax increment financing is one of the forms of financial assistance ABN AMRO is seeking from the city and state. Economic Development for a Growing Economy money as well as High Impact Business designation are being sought from the state.

While the bank will retain its headquarters at 135 S. LaSalle St., it plans to consolidate back-office and administrative functions in the new office space, leaving space in other Downtown office buildings.

Bounded by Madison, Clinton and Jefferson Streets as well as Washington Blvd., the site is immediately west of the Ogilvie Transportation Center, one of Metra’s major terminals, and two blocks from Union Station. It also is near a Chicago Transit Authority Green Line stop.

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