The Ravenswood Redevelopment Plan took one more step toward becoming a reality on Wednesday, Nov. 14, with its passage in the city council’s Finance Committee. The motion, set forth by Ald. Brendan Reilly of the 42nd Ward, passed unanimously. The full council will hear the ordinance on Thursday, Nov. 15.
Ald. Ameya Pawar (47th), who does not serve on the committee, also attended, lending his recommendation for passage to his fellow aldermen.
“This has been a long process,” Pawar said. “My community is really excited about this project. There have been numerous attempts in the past of trying to get something done on this site. This site has been vacant for many decades, and as we move forward with the Lawrence Avenue Streetscape, we think this is going to be an anchor project that’s going to spur economic development along Lawrence Avenue.”
The ordinance provides $4.5 million in TIF dollars to the project to help cover the cost of construction. Pawar has stated previously that the amount sought was far lower than the average request. The construction on the redevelopment project will begin in the coming weeks, say developers, following approval by the full Council.
The redevelopment will bring a Mariano’s grocery store, L.A. Fitness and Sears Auto Center to the corner of West Lawrence Avenue and North Ravenswood Avenue.
By Pawar’s estimation, the project will be a boon to the area economy, in addition to the property taxes it will generate in the process.