“During these tough economic times, we are continuing to improve our neighborhoods, strengthen our local economy and promote business development efforts citywide,” Daley said. “We remain dedicated to building and preserving affordable housing and supporting services to meet the needs of
residents.”

Gypsum Supply Co.

The first ordinance authorizes a Class 6(b) incentive for a newly constructed warehouse and distribution center for a major supplier of drywall, acoustical and building materials in the City’s New City community.

Gypsum Supply Co. has constructed a new $3.6 million facility at 4140 S. Racine Ave. in the 11th Ward. The material supply company brings a new 38,000 square foot building to the vacant two-acre industrial site.

The company has a number of locations throughout Northern Illinois and the Midwest. The incentive will allow the company to create a minimum of 10 full time jobs in the City.

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.

Ogden/Pulaski TIF Neighborhood Improvement Program

Also introduced was an ordinance that authorizes an agreement with Neighborhood Housing Services of Chicago, Inc. (NHS) to administer the Ogden/PulaskiTIF Neighborhood Improvement Program (TIF-NIP).

The City will enter into an agreement with NHS to administer up to $1 million for single-family home improvements on the City’s West and Southwest Sides in parts of the 22nd and 24th Wards.

The single-family program will offer up to $22,500 in grants to qualified owner/occupants of one-to-four unit properties for exterior repairs and limited interior improvements to help rehabilitate their properties. A portion of the grant can also be applied to the cost of an energy audit to determine how much energy a home uses and evaluate the measures that can be taken to improve efficiency.

The Ogden/Pulaski TIF is roughly bounded by Western and Peoria Avenues, Lake St. and the Eisenhower Expressway in the 22nd and 24th Wards.

The homes must be located within the TIF boundaries and residents must meet income guidelines.

NHS will accept and process applications, assist homeowners with getting estimates, determining the scope and monitoring the renovation work.

Edward M. Marx Apartments

The next ordinance authorizes a loan agreement, a lease agreement and fee waivers for the construction of Edward M. Marx Senior Apartments in the City’s North Park community.

The proposed $6.5 million supportive housing development will be located in sections of an existing building at 5801 N. Pulaski Ave. on the North Park Village campus in the 39th Ward.

The developer, Elderly Housing Development and Operations Corp., plans to build the 31-unit development in sections of an existing building with ground floor space for library, a lounge and administrative offices.

The ordinance authorizes a 75-year lease for approximately 19,500 square feet of space in Building F and 6,000 square feet of adjacent land.

The project will receive much of its financing from the U.S. Department of Housing and Urban Development’s Section 202 Program. The program helps finance the construction of affordable housing with supportive services for
seniors.

The one-bedroom apartments in the two-story building will be available to seniors whose incomes are within 50 percent of area median income. Tenants will pay 30 percent of their income towards rent and HUD will pay the balance of the rent.

The City will invest up to $930,000 in loans and $441,000 in donations tax credit equity will be generated from the value of the long-term lease.

Boulevard Court Apartments
Another ordinance authorizes approximately $1,697,423 in corporate funds and $515,249 in Low Income Housing Tax Credits to Hispanic Housing Development Corporation to purchase an existing three-story, 18-unit building in the 1700
block of North Humboldt Boulevard in the West Town community in the 35th Ward.

All 18 units will be affordable to households with annual incomes at or below 60% of Area Median Income or $45,060 for a family of four. Rents will range from $715 to $1,020. The affordable rents will be maintained for 30 years under terms
of the proposed ordinance.

Intergovernmental Agreement with City Colleges
Another ordinance authorizes an inter governmental agreement with the City Colleges of Chicago to purchase the Harold Washington Cultural Center in the Bronzeville community in the 3rd Ward.

The City will transfer $1.6 million in TIF financing to Kennedy King College to purchase the mortgage on the property, which is currently in foreclosure. The cultural center, located at 4701 S. King Dr., was built in 2004 and includes a
1000-seat auditorium.

City Colleges plans to utilize the HWCC as an education and performing arts center that would offer classes in the arts for all ages. Additionally, the center would be the home for a proposed museum celebrating African-American and
Chicago blues culture and history.

IGA with CTA for Red Line Wilson Station
The next ordinance authorizes the Department of Community Development to enter into an Intergovernmental Agreement with the Chicago Transit Authority to provide funds for improvements to the Red Line’s Wilson Station.

Under the agreement, up to $3 million from the Wilson Yard TIF District will be used for the renovations. The proposed scope of work will include a new roof, new storefront windows and renovation of the retail spaces with upgrades to the
plumbing heating and cooling systems. Additional work includes moving and adding new turnstiles to increase capacity, installing new tiles and opening the second side of the stairwell.

Creation of SBIF Programs
Two ordinances were introduced that authorize the creation of Small Business Improvement Fund (SBIF) programs in the North and South Lawndale communities, providing $1.5 million in funding to help owners of commercial and industrial properties in designated TIF districts make improvements to their properties.

The Roosevelt/Homan SBIF will receive $500,000 of existing TIF increment and the Ogden/Pulaski SBIF program will each be funded with $1 million in TIF assistance and

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 68 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. The Roosevelt/Homan TIF district is generally bounded by Central Park and Albany avenues, Filmore St. and Roosevelt Rd. in the 24th Ward. The Ogden/Pulaski TIF is roughly bounded by Western and Peoria avenues, Lake St. and the Eisenhower Expressway.in the 22nd and 24th Wards.

SBIF Re-funding
Two other ordinances authorize an additional $2.3 million in funding for two existing Small Business Improvement Fund (SBIF) programs in 19th and 50th Wards providing additional funding to help owners of commercial and industrial properties make improvements to their properties.

The Western/Rock Island SBIF program will be re-funded with $750,000 from the Western/Rock Island TIF district and include parts of the Beverly and Morgan Park communities. The Western/Devon SBIF will be re-funded with $1.5 million
from the Western/Devon TIF district and include parts of the West Ridge community.

The Western/Rock Island TIF is located between 95th and 119th Street along Western Avenue and the Rock Island railroad right-of-way. The Devon’Western SBIF includes properties along Devon and Western avenues from Kedzie to Ravenswood and Arthur to Foster avenues.

Preserving Communities Together
An ordinance was also introduced allowing the transfer of vacant property in the City’s West Pullman community to Patrick M. Palmer under the Preserving Communities Together (PCT) program, an initiative designed to reclaim abandoned property for disposition to approved developers.

The developer will rehabilitate the unoccupied property at 12031 S. Princeton Ave in the 34th Ward for residential use, and it will then be sold to an owner/occupant at an affordable price.

PCT enables interested applicants to identify vacant and abandoned properties for acquisition by the City turning them into quality housing operated by responsible private owners.