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
This recommendation was concurred in by_
of members of the committee with_dissenting vote"!
(• viva voce vote
Respectfully submitted
(signed);
Chairman
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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 fourth quarter of 2010, Chicago Development Fund's Board of Directors approved and closed the allocation of $18.3 million in NMTCs for two industrial development projects, Testa Produce and Radio Flyer, Inc. In November, CDF closed financing on $7.1 million in NMTC financing for the construction of a new warehouse and distribution facility for Testa Produce in the Stockyards Industrial Park. CDF closed on $11.2 million in NMTC financing for a major renovation and a "playlab" construction at Radio Flyer, Inc.'s headquarters in December. Together, these projects will create or retain 275 jobs. In addition, CDF closed $20 million in NMTC financing on the previously approved Salvation Army Kroc Center project in November. The Kroc Center will create 65 new jobs and serve approximately 6,000 people per year in West Pullman and surrounding communities.
CDF continues to work hard to identify high-impact community development projects in Chicago's low-income community areas. We look forward to successfully deploy...
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