title
BUILT COOK LOAN PROGRAM (HUD SECTION 108 LOAN GUARANTEE PROGRAM)
Department: Planning And Development
Municipality: Chicago
Request: Approval of the project and authority to execute documents for a Broadening Urban Investment to Leverage Transportation (BUILT) in Cook project loan.
Purpose: The purchase of grocery store equipment
Township: Jefferson
District: District 8
Location: 4000 W. Diversey Avenue, Chicago
Loan Amount: $2,500,000
Loan Term: 7 year loan
Loan Amortization: 10 year Amortization
Interest Rate: 4.78 %
Application Fee: $1,000
Commitment Fee: 2% origination fee
Estimated Total Project Costs: $12.6 million
Estimated Jobs Created: 120 full-time jobs
Estimated Jobs Retained: none
Other Approvals: Cook County Economic Development Advisory Committee (EDAC), EDAC Loan Subcommittee
Fiscal Impact: not applicable
Account(s): Deposit Account, Repayment Account
Summary: Cermak Fresh Market will establish a 70,000 sq. ft. supermarket within a 1,400,000 square-foot mixed use development. The Built in Cook loan will be used to purchase grocery store equipment. The complex is currently in the process of a $60 million rehab to include retail space, living and working space, industrial warehouse space, office space and parking, which will mutually benefit Cermak Fresh Market, its patrons as well as local community residents.
end