LISC CHICAGO MAKING $50 MILLION AVAILABLE FOR TARGETED ECONOMIC DEVELOPMENT
11/15/2016, midnight | Updated on 11/15/2016, midnight
LISC CHICAGO MAKING $50 MILLION AVAILABLE FOR TARGETED ECONOMIC
Mayor Rahm Emanuel and LISC Chicago, in partnership with the Greater Auburn Gresham Development Corporation (GAGDC), Southwest Organizing Project (SWOP) and Teamwork Englewood, recently announced the Southwest Corridor Collaborative (SWCC). The unprecedented partnership between government, community organizations and businesses is taking a targeted and place based approach to economic development.
“When we invest in the economic backbone of our neighborhoods, we invest in the future of the people who live there,” said Maurice Jones,
president and CEO of LISC. “People want to work. They want to spend their hard-earned money in their own neighborhood. They want safe streets for their children and a decent place to live. This initiative addresses all of that at once, while also contributing to a stronger, healthier city.”
The SWCC is a coordinated e¥ort primarily along 63rd Street from Cottage Grove to Pulaski, incorporating key nodes along south Halsted and 79th Street. It will produce community-led strategies at targeted intersections along the corridor that will leverage investments in real estate, housing, small businesses, transit and employment opportunities.
LISC’s commitment to the SWCC includes seed funding the e¥ort with $500,000 to cover capacity building and support for the
neighborhood partner organizations and an additional $50 million over the next 10 years in lending for investments in real estate and local neighborhood businesses targeted as part of this initiative.
The SWCC is designed to take a new approach to economic development investment by creating a community-led, tightly-coordinated approach to planning and investment that engages community residents, the City of Chicago and public/private capital sources to develop a model for impacting neighborhood economies.
The goal of the collaborative is to reestablish key sections of the corridor as strong, viable and walkable communities by creating cross community commercial centers that provide business opportunities, local employment, accessible transit, housing and goods and services for neighborhood residents.
The SWCC came out of one of LISC Chicago’s foundational investments, Quality of- Life Planning, in which Englewood, Auburn
Gresham and Chicago Southwest are currently completing their second community-led visions for their future.
The effort builds on Mayor Emanuel’s work to drive growth and create economic opportunities in Englewood and across Chicago.
The Mayor recently opened the Englewood Whole Foods Market, which is employing 100 people and helping restore 63rd and Halsted as a community anchor. The store’s community impact is multiplied by the dozens of community suppliers and entrepreneurs it is supporting. The store is partnering with culinary arts students from nearby Kennedy-King College. The city is also relocating a major Department of Fleet and Facility Management facility and at least 200 jobs to the former site of Kennedy-King at nearby 67th and Wentworth.
Committed SWCC partners include: Ald. Foulkes, 16th Ward, Chicago Cares, Comcast, Community Investment Corporation (CIC), Cook County Land Bank, The National Equity Fund, The PrivateBank, Urban Partnership Bank, US Bank and World Business Chicago.
“LISC Chicago’s mission is to connect neighborhoods to the resources they need to become stronger and healthier and together,