FWIW, my entertainment room (including an Onkyo receiver w/AM/FM tuner) is located in a walkout basement. I'm a little closer to downtown Chi-town than you are, but a simple dipole antenna did the trick for me.
The AM loop stills picks up interference from nearby mechanicals, etc., so I disconnected that part. FM is fine though with the $0.75 dipole.
I looking at a Denon 1709 receiver. A suggested purchase was an am/fm indoor antenna ($25-$50). Do they help, are they necessary? I live about 30 miles from dowtown Chicago and I am worried the FM signal may not come in clearly. Any help would be greatly appreciated. Thx!