The Chicago City Council approved a Class L tax incentive for the historic building located at 111 W. Monroe Street, owned by 111 W Monroe, LLC. This incentive supports the preservation and rehabilitation of the property, which is slated for future commercial purposes, specifically hotel and retail uses. The Class L classification, a part of Cook County's Tax Incentive Ordinance, aims to encourage the rehabilitation of historically and architecturally significant buildings by providing a reduced property tax assessment. The project is anticipated to enhance economic activity and create employment opportunities within the area. Both the City's Department of Planning and Development and the Landmarks Commission reviewed and recommended the project, confirming its adherence to historic property standards. The project is projected to reach completion by December 31, 2028. Additionally, the ordinance outlines specific goals for Minority-owned Business Enterprises (26%) and Women-owned Business Enterprises (6%) participation, alongside a 50% City resident hiring target for construction work.