Previously approved Tax Increment Financing (TIF) assistance for a new park along the Chicago River was reintroduced to City Council today to address a change to the development group that would construct the 1.5-acre space.

The original TIF agreement, from 2008, was with L&M Riverbend Venture. The new agreement would be with River Point LLC, which includes L&M Riverbend Venture and Caisse de depot et placement du Quebec, which recently joined the development team as an equity lender.

Under the proposal, River Point LLC would construct the $57.2 million park as part of a 45-story office complex planned for vacant land at 444 W. Lake St. To be built above commuter rail lines, the park would be used to stage supplies during the construction phase of the adjacent office building. It would later be converted to public open space.

The developer would be reimbursed with up to $29.5 million in TIF assistance following the project’s completion. The funds would be generated by the new office building on the site and be paid in annual installments.

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