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TIF Helps College Clear Financing Hurdle

CHICAGO-The Spertus Institute for Jewish Studies needs $3 million to bridge a financing gap in plans to build a 10-story, 138,000-sf building at 610 S. Michigan Ave., expected to cost nearly $58 million.

By Mark Ruda | Updated on October 11, 2005

CHICAGO-Spertus Institute for Jewish Studies will bridge a funding gap for its $57.7-million “architecturally significant presence” on S. Michigan Avenue with $3 million in tax increment financing. The financial assistance, which the school had thought it would not need, was endorsed Tuesday by the community development commission.

The school will replace its 94-year-old building at 618 S. Michigan Ave. with a 138,000-sf, 10-story structure next door at 610 S. Michigan Ave. In addition to housing the college, the building with an undulating glass curtain wall protruding five feet over the sidewalk will include space for a museum, library, auditorium and administrative offices.

The current museum already attracts 200,000 visitors a year, and the institute projects the new building will result in a 50% increase in visits.

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