The Chicago City Council has approved a redevelopment agreement with the Black Ensemble Theater Corporation, authorizing a Tax Increment Financing (TIF) grant of $2,434,955. This funding will support the renovation of the second floor of the existing 49,065 square foot cultural center and theater building located at 4450 N. Clark Street in the Clark/Montrose Redevelopment Project Area. The project, with an estimated total cost of $4,984,955, aims to create a new "Studio Theater." This new space will include a "black box" training/educational theater, seating areas, stage, lighting, sound, other theater equipment, and a rehearsal/dance studio. The City Grant is part of a larger funding initiative, which also includes $350,000 from a State of Illinois Grant, $1,200,000 from a Federal Grant, and $1,000,000 from an Illinois Arts Council Grant. The agreement mandates compliance with city requirements, including participation by Minority-Owned Business Enterprises (26%) and Women-Owned Business Enterprises (6%), prevailing wage standards, and a minimum of 50% of worker hours performed by actual Chicago residents. Environmental due diligence, including a Hazardous Building Material Survey, is also required.