The Chicago Community Development Commission (CDC) today granted the Department of Community Development (DCD) the authority to negotiate a redevelopment agreement (RDA) with Nico Holdings LLC for redevelopment of office space at 222 W. Adams Street in the LaSalle Central Tax Increment Financing Redevelopment Project Area and recommended the designation of the company as the Developer.  Nico Holdings LLC is a proprietary trading firm active in exchange-traded and over-the-counter markets, including spot and derivative contracts.

“This is an excellent example of a public-private partnership, further establishing Chicago as a financial trading center,” Acting DCD Commissioner Chris Raguso said.  “We are pleased that Nico has chosen to keep its headquarters in downtown Chicago and plans to triple its workforce by 2020.  Its employees are highly paid, highly trained financial professionals who will further enhance the Loop’s business community.” 

Nico is relocating its corporate headquarters from 311 S. Wacker Drive to occupy more than 32,000 square feet at 222 W. Adams.  The company currently has 81 employees, 79 of whom are located in the Chicago area and is instituting an ongoing annual recruiting program that aims to add an average of over 17 to 18 new employees each year, eventually tripling its workforce over the next decade. In addition, the project will create 56 temporary construction jobs.  The CDC recommended TIF assistance of $1.9 million for build out and $350,000 for recruitment and training reimbursement.  It’s estimated that the expanded headquarters will generate $3 million in property taxes over the term of the company’s 12 year lease. 

The CDC also granted DCD authority to advertise its intention to sell the Salvation Army approximately 32 acres of land at the fair market value of $4 million, to be used for the development of the Ray and Joan Kroc Corps Community Center, named for the McDonald’s founder and his wife, whose estate made a $1.5 billion bequest to the Salvation Army in 2004.   The 32 acres consists of four parcels, located at 1200 W. 119th Street, 11759 S. Carpenter Street, 11801 S. Racine Avenue and 1101 W. 117th Street in the West Pullman Redevelopment Tax Increment Financing Redevelopment Project Area. 

Finally, the Commission granted DCD authority to advertise its intention to enter into a negotiated sale with Naomi and Sylvester Smith Senior Living Center for the disposition of the vacant property located at 8019-8047 S. Halsted Street in the 79th Street Corridor Tax Increment Financing Redevelopment Project Area, to request alternative proposals, and to approve the sale of the property to Naomi and Sylvester Smith Senior Living Center if no responsive alternative proposals are received.  The Center will bring 59 units of affordable senior housing to the Auburn Gresham community and the land will be sold for $1.