CHICAGO April 13,2011
To the President and Members of the City Council:
Your Joint Committee on Finance and Committee on Economic, Capital and Technology Development having had under consideration
A communication transmitting a quarterly report containing information regarding the Chicago Development Fund.
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
Communication Transmitted Herewith
of members of the committee with
This recommendation was concurred in by
dissenting vote(i
(afriva voce vote
Respectfully submitted
Letter from the Board Chair
Dear Chairman Burke:
I am pleased to submit to the Committee on Finance an update on the activities of Chicago Development Fund (CDF), a City of Chicago-controlled entity dedicated to obtaining and deploying New Markets Tax Credits (NMTCs) to create jobs and improve neighborhoods in the City of Chicago.
In the third quarter of 2010, CDF's Board approved allocation of up to $20 million in NMTC financing for the Ray Kroc Community Center, located in Chicago's West Pullman neighborhood. This $60+ million project will cause a significantly polluted vacant site to be redeveloped into a major new community facility in an under-served neighborhood, providing recreational, social, and other amenities. CDF also closed financing on the $6.5 million PCC Community Wellness Center project, located in the Austin neighborhood. This health clinic facility is located in a federally designated Medically Underserved Area, and provides vital services to uninsured, under-insured, and Medicaid patients. Together, these facilities are anticipated to create or retain 98 jobs, and provide services to 37,540 community residents per year.
CDF continues to work hard to identify high-impact community development projects in Chicago's low-income community areas. We look forward to successfully deploying CDF's existing NMTC allocations, and have applied to the US Treasury to attempt t...
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