Posted Nov 4, 2016, 2:30 AM
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Registered User
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Join Date: Dec 2012
Location: Chicago
Posts: 6,883
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Hmmmmmmmmmmmmmmmmmmm
63rd Street gets $50 million in loans for revitalization
http://www.chicagobusiness.com/artic...evitalize-63rd
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The city of Chicago, three neighborhood groups and a nonprofit hope that $50 million in loans, made over 10 years, will revitalize retail and other economic engines on 63rd Street, from Cottage Grove Avenue to Pulaski Road.
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63rd Street was once the city's second-busiest retail corridor, second only to downtown, said Meghan Harte, executive director of LISC Chicago. “If you talk to anyone, regardless of race or where they live, everyone remembers 63rd Street as the place for food, clothing and entertainment,” Harte said, noting that the street, from Halsted Street west, once housed 200 retail businesses.
In Auburn Gresham, the unemployment rate is 27.8 percent and the homeownership rate 39 percent. In Englewood and West Englewood, it's 36.4 percent and 27.1 percent, respectively. In Southwest Chicago, also known as Chicago Lawn, the unemployment rate is 16 percent and homeownership, 58 percent.
Job creation is one big reason to revitalize the street, Harte said.
She said the collaborating parties are forming a vision for the street, which could include a major employer, say a call center, in addition to retail, restaurants and entertainment. She expects planning to take three to six months, then investments will begin. The goal is to have two or three “catalytic” investments started, with financing in place, by 2018.
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The national LISC will make $50 million in loans available over the next 10 years, and Community Investment will commit $10 million to housing financing.
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