Summary
The agency approved a final resolution granting a 32‑year real property tax reduction to DePaul Columbia Square LP, a deviation from the agency's uniform tax exemption policy; a public hearing had no comments.
The Industrial Development Agency approved a final authorizing resolution granting financial assistance to DePaul Columbia Square LP consisting of a 32‑year real property tax reduction valued in the staff presentation at $10,143,535.
Agency staff told the board the proposed assistance represents a deviation from the agency's uniform tax exemption policy and that the agency conducted a public hearing on Aug. 5, 2025, which produced no public comments. Following a motion and second, the board approved the resolution by voice vote.
Staff advised that approval would authorize finalization and execution of related documents subject to counsel review. Members did not record abstentions on the item as presented in the meeting record.
The board made a finding on the record that the project would advance agency objectives; detailed implementation dates, fee adjustments and reporting requirements were not read into the record during the discussion.
The resolution will proceed to counsel review for final documents and closing actions.
