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CHICAGO-The city will contribute nearly $3 million in tax increment financing in the form of a developer’s note to help build the $18-million Residence at Midway Village senior citizens’ multifamily rental building. The126-unit building is part of Senior Lifestyles’ $32-million plan for 67th Street and Cicero Avenue, which also includes condominiums.

Senior Lifestyles is set to buy the land, vacant for about 10 years, from the Chicago Board of Education. The company, which has done or started 15 similar projects around the city, hopes to begin construction on the rental building this fall, with occupancy slated for next fall.

In addition to a fitness center and 27,000-sf garden, the project will include 26 units set aside to renters earning less than 60% of the area median income. That would translate into a maximum rent of about $850 a month, including utilities, according to department of planning and development project manager Chip Hastings.

Renters at the six-story building would be at least 62 years old.

In addition to the developer’s note, recommended for approval this week by the community development commission, Harris Bank also is providing financing for the project.

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