We are excited that we've taken the next big milestone step in the process related to the Chicago Recovery Program (CRP) Grant we've received this summer!
TIF funding comes with a few extra steps before being finalized, one of those being City Council approval—which we received Wednesday!
Building our Co-op together takes many steps and milestones and this week was a big step forward!
After the announcement of our grant in July, our team worked closely with the City's Department of Planning and Development (DPD) on all the steps to final approval, including: gaining Community Development Commission approval in August, creating budgets, negotiating terms, and securing City Finance Committee approval (that happened Monday this week!). During the process, we were able to make the case that Chicago Market will have more TIF-eligible expenses than the $5.2 million originally awarded, so our TIF budget is now up to $5.8 million.
There are so many to thank for our success: the City's Department of Planning and Development, the Mayor's Office, the City Finance Committee, City Council. And advocating for us here in our neighborhood—Alderman Cappleman, Alderman Osterman, and the Uptown Chamber have been incredibly supportive throughout this process.
And a huge shout out to the person leading the Chicago Market team through the whole process, former Board member and volunteer Bob Kunze. He has years of City TIF experience and has been invaluable in shepherding us through each step.
Alderman Cappleman's newsletter celebrated us this week:
Almost 10 years ago, I traveled to Seattle, WA to visit my brother, and while there, I went to Pike Place Market located near the downtown area. It was a bustling hub with all types of food, but most of all, it exuded this sense of energy that made it a fun place to be. I realized I wanted a uniquely Uptown version for the Gerber Building's site located on the NW corner of Broadway and Wilson.
TIF funds are disbursed on a schedule but we'll need the capital earlier, so we are negotiating a bridge loan with a bank that will make funds available to us sooner. This bridge loan scenario has been part of our financial planning all along, as we did expect TIF funding for our project.
Bridge and traditional bank loans are both in the works now, and we hope to be able to announce achievement of that milestone shortly.
Finance Committee and City Council approvals not enough wins for you this week? Owners of Chicago Market also launched their Ownership Grant Program this week and donations and Owner requests are coming in!