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

The original TIF agreement, from 2008, was with L&M Riverbend Venture. The new agreement will 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 plan, River Point LLC will 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 will be used to stage supplies during the construction phase of the adjacent office building. It will later be converted to public open space.

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

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