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From Ald. Dowell's Newsletter

McCormick Place Headquarters Hotel Update

At the February 5, 2014, City Council Meeting, Mayor Rahm Emanuel introduced a financial proposal that would utilize $55 million in Tax Increment Financing (TIF) for the development of the planned 1200 room hotel adjacent to McCormick Place. The total cost of the project for the hotel which will include banquet/meeting rooms, restaurants, retail space, and offices is $421.5 million. The construction of the hotel is expected to create 3,700 temporary jobs and 600 permanent jobs.

The Convention Center Headquarters Hotel will be owned by the Metropolitan Pier and Exposition Authority (MPEA), which also owns and operates McCormick Place and Navy Pier. This project is part of MPEA's "Elevate Chicago" initiative, which will include a 10,000 seat event center at the northwest corner of Cermak and Prairie and a smaller hotel at the southeast corner of Cermak and Michigan. 2500 permanent jobs are expected to be created through this initiative.

If the TIF assistance is approved by the City Council, it will partially reimburse MPEA for the acquisition of land and TIF-eligible construction expenses involving the hotel only. Additional financing will come from MPEA revenue bonds. Construction could begin in late 2014. Click here to view a design map of the project.