Meeting Name: Business and Economic Development Committee Agenda status: Final
Meeting date/time: 10/23/2019 10:30 AM Minutes status: Final  
Meeting location: Cook County Building, Board Room 118 North Clark Street, Chicago, Illinois
Published agenda: Agenda Agenda Published minutes: Not available  
Meeting video:  
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19-6250 1  Committee MinutesCOMMITTEE MINUTES Approval of the minutes from the meeting of 09/25/2019approvePass Action details Not available
19-5324 1 TO AMEND THE CURRENT CAL SAG ENTERPRISE ZONE SUBJECT TO THE ENTERPRISE ZONE ACT OF THE STATE OF ILLINOIS.Ordinance AmendmentPROPOSED ORDINANCE AMENDMENT TO AMEND THE CURRENT CAL SAG ENTERPRISE ZONE SUBJECT TO THE ENTERPRISE ZONE ACT OF THE STATE OF ILLINOIS. WHEREAS, the State of Illinois Enterprise Zone Act (20 ILCS 655/1 et seq) provides for the creation of enterprise zones to encourage private sector investments in economically distressed areas throughout the State; and WHEREAS, The Village of Alsip, The City of Blue Island, The Village of Calumet Park, The City of Country Club Hills, The Village of Dixmoor, The Village of East Hazel Crest, The Village of Homewood, The City of Harvey, The Village of Hazel Crest, The City of Markham, The Village of Merrionette Park, The Village of Midlothian, The City of Oak Forest, The Village of Phoenix, The Village of Robbins, The Village of Worth, and the County of Cook (“the County”), a body Politic and Corporate of the State of Illinois, are organized and existing under the laws of the State of Illinois. Each have areas within their respective legal boundaries that are economically distressed and would benefit from private sector investments under the Illrecommend for approvalPass Action details Not available
19-5331 1 AMENDMENT TO 18-3263 VALERIE RIETVELD/KEN-RICH CONCRETE LIFTING LLC 6b 8 PROPERTY TAX INCENTIVE REQUESTAmendment to a Previously Approved ItemPROPOSED PREVIOUSLY APPROVED ITEM AMENDMENT Department: Planning and Development Request: Amend resolution from Class 6b to Class 8 Item Number: 18-3263 Fiscal Impact: N/A Account(s): N/A Original Text of Item: le VALERIE RIETVELD/KEN-RICH CONCRETE LIFTING LLC 6b 8 PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b 8 application containing the following information: Applicant: Valerie Rietveld/Ken-Rich Concrete Lifting LLC Address: 15510 Wentworth Avenue, South Holland, Illinois 60473 Municipality or Unincorporated Township: South Holland Cook County District: 6 Permanent Index Number: (1) PIN: 29-16-205-165-0000 Municipal Resolution Number: Village of South Holland Resolution approved June 5, 2017, amended resolution approved May 6, 2019 Number of month property vacant/abandoned: 15 months at time of initial application to Assessor Special circumstances justification requested: Yes Estimated Number of jobs crearecommend for approvalPass Action details Not available
19-5627 1 Kensington LLC, Northbrook, IllinoisHOME Investment Partnerships ProgramPROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): Kensington LLC, Northbrook, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,800,000.00 in HOME Investment Partnership Funds for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate. Total Development Cost: $20,730,892.00 Project Loan Amount: $1,800,000.00 Fiscal Impact: $1,800,000.00 Account(s): 1013-10757 Summary: The loan will fund the new construction of a 74-unit, fully HOME-assisted, affordable housing development targeting seniors 62 and older. The total development cost (TDC) is projected at $20,730,892. The requested HOME funds account for slightly less than nine percent (8.63%) of the TDC. Additional funding sources include Illinois Housing Development Authority Affordable Housing Tax Credits, Low Income Housing Tax Credits (LIHTC), Red Stone Capital LIHTC equity syndication and Bank of Americarecommend for approvalPass Action details Not available
19-5632 1 BUILT COOK LOAN PROGRAM (HUD SECTION 108 LOAN GUARANTEE PROGRAM) Housing Authority of Cook CountyBUILT LoanBUILT COOK LOAN PROGRAM (HUD SECTION 108 LOAN GUARANTEE PROGRAM) Department: Planning And Development Municipality: Housing Authority of Cook County Request: Approval of the project and authority to execute documents for a Broadening Urban Investment to Leverage Transportation (BUILT) in Cook project loan. Purpose: Cook County’s Department of Planning and Development staff within the Bureau of Economic Development recommends the investment of $4,000,000.00 in Community Development Block Grant Section 108 Funds for permanent financing with a 20 year maturity, 20 year amortization schedule, 4.0% fixed interest rate. The subject loans supports the long term redevelopment of two HACC developments consisting of two high rise properties, comprising 226 units of affordable Senior housing in the Village of Wheeling and City of Niles, Illinois. Township: Wheeling, Niles District: 9, 14 Location: (1) 200 North Milwaukee in Wheeling, Illinois (2) 9201 North Maryland Street, Niles, Illinois Loan Amount: $4,000,000 Loan Term: twenty years Loan Amrecommend for approvalPass Action details Not available