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CHICAGO-Spertus Institute for Jewish Studies will bridge a funding gap for its $57.7-million “architecturally significant presence” on S. Michigan Avenue with $3 million in tax increment financing. The financial assistance, which the school had thought it would not need, was endorsed Tuesday by the community development commission.

The school will replace its 94-year-old building at 618 S. Michigan Ave. with a 138,000-sf, 10-story structure next door at 610 S. Michigan Ave. In addition to housing the college, the building with an undulating glass curtain wall protruding five feet over the sidewalk will include space for a museum, library, auditorium and administrative offices.

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