Mayor Rahm Emanuel and Cook County Board President Toni Preckwinkle recently launched an unprecedented effort to generate new industrial investment in Chicagoland neighborhoods. The Industrial Growth Zones program will accelerate neighborhood development in seven designated areas over the next three years by removing longstanding hurdles to development and providing a broad set of services to support property owners and industrial businesses. The purpose of the program to spur economic growth and generate real, sustainable jobs by promoting investment and industrial development in Chicago neighborhoods.
The program will address two primary issues traditionally viewed as obstacles to new landowners and developers: 1) vacant or unused lands with environmental conditions; and 2) often complex governmental regulatory oversight. As part of the program, participants will obtain access to a new site certification program making information about land available and transparent, allowing preparations for faster development. In addition, the program may provide up to $130,000 in financial assistance to fund environmental site assessments and remediation, if needed. Critical assistance also will be provided to lead projects through the City's permitting and regulatory requirements.
During the three-year pilot program, the designated zones include the Northwest, Greater Southwest, Burnside and Calumet Industrial Corridors, and the Roosevelt/Cicero Redevelopment Area in Chicago; and several South Suburban communities which contain significant assets, but face very real economic challenges The City of Chicago Department of Planning and Development and Cook County Bureau of Economic Development are collaborating with partners including the Civic Consulting Alliance, World Business Chicago and the Zeno Group on the initiative.
Working within the City of Chicago to develop or redevelop impacted property is always challenging. This new program is a positive development offering support to streamline and aid potential new landowners and developers.