“We are continuing to make improvements that will support affordable housing, business expansion, job creation and economic growth throughout Chicago,” Daley said.  “Working together we are addressing the needs of our residents by supporting activities that lead to economic prosperity and neighborhood stability.”

Hollywood/Sheridan SBIF Re-Funding

The first ordinance authorizes additional funding for an existing Small Business Improvement Fund (SBIF) program in the Edgewater community to help owners of commercial and industrial properties make improvements to their properties.

The SBIF program will be funded with $750,000 from the Bryn Mawr/Broadway TIF district and include parts of the 48th Ward.

The SBIF program encourages commercial and industrial business owners to invest in their property by making TIF funds available for building improvements. 

Applicants can receive reimbursement grants of up to $150,000 for both exterior and interior improvements such as new windows, floors, green and conventional roofs, heating and air conditioning systems and other energy-saving or green improvements.

SBIF currently operates within 60 TIF districts.  Funding for SBIF comes from available TIF monies in each of the areas.  To date, the SBIF program has helped more than 350 businesses with $10.7 million in project assistance.

Asphalt Operating Services of Chicago

The next ordinance authorizes the approval of a Class 6(b) incentive for the construction of a liquid asphalt facility at 2835 E. 106th St. in the 10th Ward.

Asphalt Operating Services of Chicago, LLC plans to construct a $62 million storage facility in the South Deering community that will also blend, and dispense liquid asphalt that is used to pave roadways.

The Cook County Class 6(b) classification is designed to encourage industrial development by offering a reduced property tax assessment rate for 12 years for the development or revitalization of manufacturing or industrial facilities.   

The incentive will allow the company to create approximately 45 permanent and 100 temporary construction jobs at the facility.

Englewood Estates

Another ordinance authorizes the disposition of 14 City-owned parcels under the New Homes for Chicago program for the construction of Englewood Estates in the 15th Ward.

Chicago Area Developers Inc. plans to build 15 homes on scattered sites in the 5600 to 6700 blocks of South Wolcott Avenue, the 6000 block of South Winchester Avenue and the 1600 block of West Marquette Road.  The single-family homes will feature three bedrooms and two baths. 

The City is providing the land and $75,000 in site improvements to the developer along with $600,000 in financial assistance to buyers so the homes can be sold at affordable prices.  City assistance will provide $10,000 in subsidies for each single-family home and $30,000 in purchase price assistance may further reduce the price of each of the homes by up to $30,000 for qualified buyers.

Base prices on the single-family homes will start at $215,000.  The homes will be made affordable to eligible buyers who have household earnings within 100 percent of area median income, which translates to $75,400 for a family of four.

The ordinance also authorizes up to $300,000 in Difficult to Develop Area (DDA) Funds if requested by the developer.  The DDA money comes from downtown density bonus proceeds and is earmarked for areas of the City that have been a challenge to redevelop.  The additional assistance will help lower the sales prices on the homes.

Lyric Opera of Chicago TIF Redevelopment Agreement

Also introduced was an ordinance authorizing a redevelopment agreement with the Lyric Opera of Chicago to provide up to $488,844 in TIF assistance for the rehabilitation of two prominent historic elements at the Civic Opera House in the Loop.

The building, located at 20 North Wacker Drive, will undergo a $1.9 million restoration of its historic doors and windows in the 42nd Ward. 

The restoration work will return the mostly brass and cast iron mullions, window treatments and door features to their original condition.  The building was designed by the architectural firm of Graham, Anderson, Probst and White in 1927.  The firm was responsible for several other prominent buildings in Chicago, including the Wrigley Building and the Merchandise Mart.  The project is located in the LaSalle/Central TIF district. 

Stony Island/Burnside TIF Amendment

The next ordinance authorizes an amendment to the Stony Island Commercial/Burnside Industrial Corridor TIF district to extend the life of the TIF to 35 years to accommodate new development.

The TIF district was established in 1998 to stimulate private sector investment and to provide economic incentives to encourage business development, retention and expansion in the Burnside, Avalon Park and Calumet Heights communities.

The extension of the TIF district for an additional 12 years will help facilitate the redevelopment of unused industrial facilities and allow additional time for project development in the 8th Ward.

The Stony Island Burnside TIF district is bounded by Cottage Grove, the Norfolk Southern Railroad right of way and East 80th and 95th streets.

IGA with the CHA

Another ordinance would authorize an Intergovernmental Agreement with the CHA for the negotiated sale of two vacant parcels in the West End/Rockwell Gardens CHA Plan for Transformation site located in the Near West Side community.

The parcels at 2450-58 West Jackson Street will be sold for $1 to facilitate the development of West End Phase 2 Rental.  The development will bring 112 units of new mixed-income rental housing, including 65 CHA replacement, 33 affordable and 14 market rate units to the 2nd Ward.

The two parcels on Jackson Street will be a part of the larger development which is bounded by Adams and Artesian streets and Artesian and Maplewood avenues.

Norfolk Southern Railway Company

The next ordinance authorizes the negotiated sale of one vacant parcel to Norfolk Southern Railway Co. for the expansion of its 63rd Street intermodal rail yard facilities in the Greater Grand Crossing community.

The parcel, located at 55 East 63rd Street, will be sold for $100,185 to increase the railroad’s container and trailer capacity.  The railroad will make improvements to the existing wall and add new landscaping along 63rd Street in the 20th Ward. 

The expansion is expected to create 25 temporary construction jobs and seven new full-time jobs.