Members of City Council’s Zoning Committee face a likely marathon hearing today: not only is the Mayor’s Neighborhood Opportunity Fund up for consideration, there are 17 additional pages agenda items, smack in the middle of a packed Council day.

You can see more details on the Mayor’s plan to simplify and update the city’s downtown floor area bonus formula for the first time since 2004 in our previous report on the Neighborhood Opportunity Fund. The ordinance up for debate today would overhaul the process the city currently uses to manage square footage to buildings in the city’s downtown area, and links fees collected for those increases to investments in some of the city’s most economically underserved neighborhoods.

Other items of note:

  • New TOD In Lakeview: A seven story Transit Oriented Development is being proposed at the site of “The Alley”, the now-closed Lakeview staple for leather punk and goth wear, owned by local Ald. Tom Tunney’s (44) former aldermanic challenger, Mark Thomas. He told DNAInfo his store was “slaughtered” by construction and crime along Belmont Ave. The proposed site would have 24 residential units on floors 2-7, commercial space in the basement and first floors, and 100% of required affordable housing units on-site. The new building would be located next to the Target Express currently being built on the busy corner of Clark and Belmont, near the Belmont stop on the CTA’s Red Line.

  • 500 Room Hotel In River North: Landlord Albert Friedman is seeking a zoning change to Waterway Business Planned Development to add a 377 foot tall, 500 room hotel to a property along the river downtown at 322 N. Clark. According to Crain’s, the development would be next to the Reid Murdoch Center, a vintage brick office office building Friedman already owns in the 42nd Ward. He was also developer on three hotels just north of this proposed project: Aloft, Hyatt Place, and Fairfield Inn & Suites. Jack George is listed as the attorney on the project. Since the hotel needs a planned development it will be immediately deferred at the start of the meeting.

  • Far West Side Townhouses: Mia Property Acquisitions is seeking a planned development to build 14 three-story, six unit residential buildings with 145 onsite parking spaces in the 29th Ward near the city’s border. The site is near the Galewood Metra stop and UCSN Roberto Clemente School. The property owner is Regal Beloit Corp., an electric motor manufacturer based in Beloit, Wisconsin.

  • Finkl Steel Area Redevelopment: A 207,000 square-foot office building from developer Sterling Bay is being proposed in the 2nd Ward near the buzzed-about 28-acre Finkl Steel site, which may see looser zoning rules later this year. According to Crain’s, logistics firm C.H. Robinson Worldwide plans to move some of its 2,000 employees to the site of the former Guttman leather tannery in Lincoln Park. The zoning change sought is for a Waterway Planned Development, which means it will need to go before the Plan Commission prior to City Council action.