The Mayor of Chicago, Brandon Johnson, introduced an ordinance on January 24, 2024, to provide a Class L tax incentive for the rehabilitation of the Hoyt building at 465 West Cermak Road. This incentive aims to preserve significant buildings, stimulate economic growth, and increase employment opportunities within the Cermak Road Bridge District, a Chicago Landmark area. The owner, 465 Cermak LLC, plans to convert the building into a mixed-use facility with various commercial spaces. To qualify for the incentive, the owner must invest at least 50% of the building's market value before rehabilitation. The City Council must agree that the incentive is essential for the project, which should also comply with the City's sustainable development policy and promote participation from minority and women-owned businesses, as well as hiring local residents for construction.

The ordinance specifies that the rehabilitation project must be completed by December 31, 2026, with a possible extension granted by the DPD Commissioner or their designee. The City's support for the Class L incentive is contingent upon the project's completion and maintenance. The City reserves the right to withdraw support if the project does not meet the approved standards, which could lead to the termination of the Class L certification. The ordinance also allows the Commissioner to approve minor changes to the project, requires City approval for significant ownership changes, and prohibits permit fee waivers until the incentive expires. It includes conflict resolution procedures, invalidity clauses, and mandates for the owner to submit and report on minority and women business participation. The ordinance takes effect upon passage and approval.