The City Council Finance Committee on Tuesday approved routing $55 million in Tax Increment Financing to a new McCormick Place hotel as the city and the Metropolitan Pier and Exposition Authority shift the plans of their major convention center remake.
Under the revamped McCormick Place plan, which officials from the administration of Mayor Rahm Emanuel first floated in late January, the city will use the $55 million in TIF money to build the hotel instead of putting it toward the construction of a new DePaul University basketball stadium.