The ordinance presented to the City Council of Chicago authorizes a Class L tax incentive for the historic Hoyt building at 465 West Cermak Road, aimed at promoting the preservation and rehabilitation of this designated Chicago Landmark, which has been vacant for over 24 months. The owner, 465 Cermak LLC, intends to transform the building into a mixed-use space that will include a hotel, office, healthcare facilities, restaurants, retail spaces, and a grocery store. The ordinance includes new legal language affirming the necessity of the Class L incentive for the substantial rehabilitation of the property and incorporates the Landmarks Commission's recommendations, ensuring compliance with the U.S. Department of the Interior's standards for historic properties.

Key provisions of the ordinance also emphasize the City’s commitment to minority and women-owned business participation and local hiring during the construction process. It establishes that the City’s consent to the Class L incentive is contingent upon the substantial completion of the project by December 31, 2026, with the possibility of extension upon request. The ordinance mandates the submission of a Minority and Women-Owned Business Enterprise (M/WBE) Participation Proposal and requires the Owner to report participation levels at specified points in the approval process. Furthermore, it stipulates that any conveyance of the Project Real Estate before a final eligibility determination will nullify the City’s support for the incentive, and significant ownership changes will necessitate additional authorization. The ordinance will take effect immediately upon passage and approval.