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BUILT IN COOK LOAN PROGRAM (HUD SECTION 108 LOAN GUARANTEE PROGRAM)
Department: Planning and Development
Municipality: Village of Franklin Park, Illinois
Action Requested: Approval of the project and the authority to execute documents for a Broadening Urban Investment to Leverage Transportation (BUILT) in Cook project loan
Purpose: The requested action will be for a loan to the Village of Franklin Park to fund public infrastructure improvements in the Cullerton Avenue Industrial Park.
Township: Leyden
District: 16
Location: Cullerton Avenue Industrial Park - Village of Franklin Park
Loan Amount: Not to Exceed $4,000,000.00
Loan Term: 20 years
Loan Amortization: 18 years (up to 2 years interest only)
Interest Rate: Cook County will charge 75 basis points (.75%) over its cost of funds from HUD
Application Fee: $1,000.00 (paid August 2014)
Commitment Fee: 2.00% or 200 basis points of the Cook County's loan (payable at closing)
Estimated Total Project Costs: $5,300,000.00
Estimated Jobs Created: 133 new jobs may be created as a result of this project.
Estimated Jobs Retained: Currently, there are more than 1,300 employees in the subject industrial park
Other approvals: EDAC - 10/15/2014
Fiscal Impact: Revenue Generating (Application Fee, Commitment Fee, Interest Income)
Account(s): 6781301 - HUD Section 108
Summary: The subject loan will be utilized by the Village of Franklin Park to fund public infrastructure improvements in the Cullerton Avenue Industrial Area. The public improvements funded by the BUILT in Cook Loan shall include the reconstruction of essential streets, sewers, and water lines related to the redevelopment of Cullerton Avenue Industrial Park. The subject industrial park is home to ten (10) companies, contains more than 2,300,000 square feet of industrial space, and currently employs more than 1,300 employees.
A letter of support from Commissioner Tobolski is included in the documentation for this project.
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