“These ordinances will help bring long-term economic development to our communities and are examples of collaboration and investment that leads to job creation, as well as support for the retention and expansion of new businesses citywide,” Daley said.

Midwest SBIF Re-fund

The first ordinance authorizes additional funding for the existing Small Business Improvement Fund (SBIF) program in the Midwest TIF district.

The Midwest SBIF program will be funded with $1 million from the Midwest TIF district and include parts of the 2nd, 12th, 24th and 28th Wards.  The additional funding will be used to help owners of commercial and industrial properties make improvements to their properties in the North Lawndale and East Garfield Park communities.

The SBIF program encourages commercial and industrial business owners to invest in their property by making TIF funds available for building improvements.  Applicants can receive reimbursement grants of up to $150,000 for both exterior and interior improvements such as new windows, floors, green and conventional roofs, heating and air conditioning systems and other energy-saving or green improvements.

Read/Dunning SBIF Creation

The next ordinance authorizes the creation of a Small Business Improvement Fund (SBIF) program in the Dunning community, providing funding to help owners of commercial and industrial properties make improvements to their properties.

The Read/Dunning SBIF program will be funded with $1 million in TIF assistance from the Read/Dunning TIF district.

The Read/Dunning TIF district is roughly bounded by Montrose, Irving Park, Forest Preserve and Narragansett in the 38th Ward.

Water Saver Faucet Co. Redevelopment Agreement

The next two ordinances authorize $5.3 million in TIF assistance and the approval of a Class 6(b) tax incentive for WaterSaver Faucet Co. for renovation and other improvements to its manufacturing campus in the City’s River West community.

The agreement will represent phase two of an expansion project for the 65 year old family-owned and operated manufacturing company located at 702 W. Erie St. in the 27th Ward.  Phase one of the project was authorized in July 2007 for the manufacturer’s 1140 N North Branch location.

Plans for the $26 million renovation include a 45,000 square foot addition on the existing parking lot with loading docks and office space on the upper floors and the modernization of an existing 79,000 square foot building to update building systems, improve workflow and add production space.

The new development will help retain 160 current and create 200 temporary construction jobs.

The Cook County Class 6b classification is designed to encourage industrial development by offering a reduced property tax assessment rate for manufacturing or industrial properties for 12 years by lowering the assessment level to 10 % for the first 10 years, before raising it to 15% and then 20%.

WaterSaver Faucet Co. is the largest worldwide manufacturer of faucets, valves, safety equipment and related products for use in science laboratories.

Brooks Building Class L

Also introduced was an ordinance that authorizes a Class L property tax incentive for the rehabilitation of the Brooks Building in the City’s Central business district. 

The landmark building, located at 223 W. Jackson St., will undergo a $5 million exterior and interior renovation.  The exterior scope of work includes masonry repairs, front entry restoration and structural repair of the vaulted sidewalk and alley.  Interior repairs include renovation of the main lobby and upper floor elevator lobbies, boiler replacement and new air conditioning units. 

The Class L incentive is a special property tax assessment classification to encourage the preservation and rehabilitation of designated landmark buildings.  Property owners can have their taxes reduced for a 12 year period, provided they invest half of the value of the building in an approved rehabilitation project. 

Total tax savings would be nearly $2 million over the 12-year period.

Class 6b Renewal for Eazypower Corp.

Another ordinance authorizes the renewal of a Class 6b tax incentive for Eazypower Corp., a manufacturer and distributor of screwdriver tip and power tool accessories in the Hermosa community.

The tax incentive will allow Eazypower, located at 2311-21 N. Keystone Ave., to keep operating in the City and to retain 40 full-time and six part-time jobs.

The original Class 6b incentive was issued in 1999 and supported the
rehabilitation of an existing 67,000 square foot vacant warehouse in the 31st Ward.

Eazypower Corp. was established in Chicago in 1985 and is a privately owned business.

IGA with Chicago Public Library

Introduced also was an ordinance that authorizes an intergovernmental agreement with the Chicago Public Library to provide funding for improvements to the Humboldt Parlk Library in the City’s West Town community.

Under the agreement, up to $4.5 million in TIF assistance from the Humboldt Park TIF district will be used for the renovation of an existing building and for the construction of a new addition. 

The 3,000 square foot addition will provide additional reading room space, seating areas, computer stations and a media area for teenagers.  The renovation of the existing building at 1605 N. Troy St. will include upgrades to heating and air conditioning systems, roof repairs, upgraded fire alarm system and new finishes to match the addition. 

Class 6b Classification for Rolam Equities

An ordinance was also introduced that authorizes the approval of a Class 6b incentive to help renovate vacant industrial property into space for a warehouse and distribution facility for refurbished office furniture products in the Humboldt Park community.

Rolam Equities LLC will rehabilitate the 115,000 square foot property at 4400 W. Ohio St. in the 28th Ward.  The $2 million renovation will include the addition of energy efficient HVAC system and lighting, security systems, renovation of office space and a landscaped parking lot with new lighting.

The project is expected to retain 50 jobs and create up to 10 new full- and part-time jobs.

The Cook County Class 6b classification is designed to encourage industrial development by offering a reduced property tax assessment rate for the development or revitalization of manufacturing or industrial properties for 12 years by lowering the assessment level to 10% for the first 10 years, before raising it to 15% and then 20%.

Preserving Communities Together

Also introduced was an ordinance allowing the transfer of vacant property located at 12761 S. Wallace Ave. in the City’s West Pullman community to Property Holdings, LLC under the Preserving Communities Together (PCT) program, an initiative designed to reclaim abandoned property for disposition to approved developers.

The developer will rehabilitate the single-family home in the 9th Ward, and it will then be sold to an owner/occupant at an affordable price..

PCT enables interested applicants to identify vacant and abandoned properties for acquisition by the City turning them into quality housing operated by responsible private owners.

School Garden Projects 

The next two ordinances would finance the creation of new gardens adjacent to Lincoln Park High School and Edison Park Elementary School.

The gardens would replace existing asphalt surfaces with grass and native plants. Each site would be maintained by students, school staff and community volunteers and be made available for use by the general public.

The proposal for Edison Park Elementary School, 6208 N. Olcott St, involves approximately 5,000 square feet of space that would be improved with native plant beddings, seating areas and related landscape improvements. The proposal is budgeted at $115,626.

The proposal for Lincoln Park High School, 652 W. Armitage Ave., involves about 11,000 square feet of native plant beddings, seating areas and related landscape improvements. The proposal is budgeted at $250,000.

The gardens would be constructed by Openlands, a not-for-profit open space agency that helps schools and other property owners improve and expand their natural resources.

Costs would be paid for with Open Space Impact Fees, which are collected by the City of Chicago from new residential developments to help expand the amount of open space in each of the city's 77 community areas.

Construction on both sites would start in May 2011.