December 2010 CDF provides $11.2 million in New Markets Tax Credits to Radio Flyer to help rehabilitate and reconfigure a 68,000 sq..... Read more >
Strengthening communities through economic development
Chicago’s rich industrial landscape has long facilitated the creation of job opportunities for its residents, a keystone of economic growth and development. CDF invests in industrial organizations seeking to relocate within the City of Chicago, or to expand an existing facility.
As part of its commitment to industrial retention and expansion, CDF launched the Industrial Expansion Loan (IEL) program. The program aims to create and retain jobs in low-income communities by providing enhanced financing for industrial projects within the City of Chicago. Industrial Expansion Loans can be used to build new industrial facilities or to expand or rehabilitate existing facilities. They can also be combined with other incentive programs, such as Tax Increment Financing and Class 6B assessment reductions. Industrial Expansion Loans cannot be used to finance equipment purchases.
To facilitate financing for the program, CDF partnered exclusively with U.S. Bank, which in turn committed to finance $35 million in industrial projects. This relationship helps the IEL program utilize simple financing structures and standardized documentation to keep transaction costs low. This allows industrial businesses with smaller projects to participate in the program, as well as those with larger projects.
CDF funds industrial projects that:
Involve new construction or substantial renovation, with total real estate costs in excess of $5 million
i.e. Acquisition, rehabilitation and/or construction
Retain and/or add industrial jobs to Chicago
Face financing challenges and require additional and/or lower cost debt
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Potential Applicant Projects Include: | ||||
Factory rehabilitations, plant expansions, new buildings |
Learn More:
Does my industrial project qualify?
Learn about the City of Chicago’s Industrial Expansion Program
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