Meeting Name: Business and Economic Development Committee Agenda status: Final
Meeting date/time: 4/23/2019 11:15 AM Minutes status: Final  
Meeting location: Cook County Building, Board Room 118 North Clark Street, Chicago, Illinois
This meeting was recessed to 1130a on Wed 4/24/2019 same location
Published agenda: Agenda Agenda Published minutes: Minutes Minutes  
Meeting video:  
Attachments: Proposed 2nd Substitute to File 19-1965.pdf
File #Ver.Agenda #NameTypeTitleMotionResultAction DetailsVideo
19-3005 1  Committee MinutesCOMMITTEE MINUTES Approval of the minutes from the meeting of 03/19/2019approvePass Action details Not available
19-1965 1 Incentive Revocation AmendmentOrdinance Amendment2nd PROPOSED SUBSTITUTE ORDINANCE AMENDMENT TO FILE #19-1965 AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION WHEREAS, vacant properties can devastate a neighborhood and block, undermine neighbors' quality of life, and diminish the value of nearby properties; and WHEREAS, they also cause severe fiscal damage to local governments, reducing local tax revenues while costing cities millions for policing, cleaning vacant lots, and demolishing derelict buildings; and WHEREAS, most vacant buildings and houses are well maintained, but many are not and thousands can sit empty for years, abandoned by their owners, deteriorating to the point where they cannot be reused without major rehabilitation with many ultimately demolished, leaving vacant lots in their place; and WHEREAS, besides their impact on social and economic conditions, vacant, abandoned properties have a devastating effect on the fiscal condition of their cities, towns, and counties; and WHEREAS, not only do they pay little in property taxes and generate little revenue for the city or county when srecommend for approvalPass Action details Not available
19-2298 1 Home Investment Partnership Loan Spruce VillageHOME Investment Partnerships ProgramPROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): Housing Opportunity Development Corporation, Techny, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $800,000.00 in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate to support development of Spruce Village, an affordable housing development in Palatine, IL Total Development Cost: $12,897,473.00 Project Loan Amount: $800,000.00 Fiscal Impact: $800,000.00 Account(s): 1013-10757 Summary: The loan will fund Spruce Village, the new construction of a forty-four (44) unit, fully HOME-assisted, fully accessible development targeted to individuals and families with developmental and physical disabilities under the Permanent Supportive Housing model of operation. The requested HOME funds account for eight percent (8%) of the TDC. Additional funding sources inclrecommend for approvalPass Action details Not available