Third Ward Alderman Pat Dowell Announces New Small Business Fund

Third Ward Alderman Pat Dowell, working with the Chicago Department of Community Development, has created a small business improvement fund to assist local businesses on the 47th and 51st Street commercial corridors. 
 
The program, which uses tax increment financing (TIF) revenues from the 47th/King Drive TIF district, helps owners of commercial properties within the district to repair or remodel their facilities for their own businesses or on behalf of tenants.  Alderman Dowell, through an ordinance which passed at the February 10, 2010 City Council meeting, has allocated $500,000 for the initial round with the commitment that more funds can be allocated for the SBIF if the initial grant funds are used.
 
Typical expenses eligible for a SBIF grant include new windows, floors or roof, sign removal and replacement, tuckpointing, new heating, ventilation and air conditioning, improvement to accommodate disabled patrons or workers, purchase of adjacent property for building expansion or parking.  Applicants can receive reimbursement grants of up to $150,000 to cover their costs.
 
“The SBIF program encourages business owners to invest in their property by making TIF funds available for building improvements, said Alderman Dowell.  My hope is that this resource will be used to improve the appearance of 47th and 51st Street and attract more shoppers to the community.”
 
SBIF grants are provided to property owners after their remodeling work is completed and all expenses are paid.  Residential property and fast food chains are not eligible for the program.  Vacant property is eligible but grants are not paid until the space is occupied by a business tenant.
 
For more information on the program, please call the 3rd Ward Service Office at 773-373-9273.

Future of Rosenwald

Alderman Pat Dowell assembled a panel of experts and community stakeholders to help decide the fate of the decaying Rosenwald property located 4618-4646 South Michigan Avenue. The Urban Land Institute (ULI) has been asked to provide their recommendations after appropriate research and study. The ULI is a 501(c) (3) nonprofit research and education organization who says its mission “is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.” Alderman Dowell became familiar with the ULI through their work in North Lawndale and Navy Pier.

The Rosenwald was developed in 1929 by Julius Rosenwald, the President of Sears, Roebuck & Company, as the first affordable mixed-use housing development in Chicago for Blacks. It is listed on Preservation Chicago’s Seven Most Threatened Buildings and was were Illinois Service Federal began as a credit union. Many in Bronzeville would like to see it rehabbed instead of demolished. After receiving ULI’s results, Dowell will hold a public meeting, take recommendations under consideration, make a decision and inform the community. Metropolis

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