“By working together with other government agency partners, we are finding ways to enhance our neighborhoods and develop new employment opportunities,” Daley said.  “Our goal is to provide support to new industry by working to help fund important projects like this.”

The Green Exchange, which is being developed by Gx Chicago, LLC, will be the City’s largest green business community, located at 2543-45 West Diversey Avenue, committed to promoting environmental sustainability with an array of tenants that offer products and services for a greener lifestyle.

The City has applied for the Section 108 loan and is expected to receive final approval on the application later this month.  Upon approval, the City will receive the money and lend it to the developer, who is responsible for repayment.  The City will back the loan with $10 million in TIF assistance and $5 million in project revenues.

The Section 108 loan program allows the City to borrow federal funds for CDBG-eligible activities to help stimulate economic revitalization projects. 

The 272,000 square foot development, located on the former site of the Cooper Lamp Company, is designated a Chicago Landmark.  The developer will work to achieve Leadership in Energy and Environmental Design (LEED) Platinum certification for the use of environmentally-friendly practices in its design, construction and operation. 

The building is 69 percent leased with 158,000 square feet of space occupied.  The project is expected to create 400 to 500 new jobs upon completion.