JOBS JOBS JOBS!

JOBS JOBS JOBS!

JOBS, JOBS, JOBS!

JOBS  JOBS, JOBS!

During the Clinton Administration, someone coined the phrase “it’s the economy stupid.”   That phrase still rings true today.  But just as the above title block starts out loud and strong, the follow thru gets smaller and smaller.  It needs to get LOUDER and put into ACTION.

President Obama wants to make it easier for business to grow and hire, extend tax cuts for the middle class and to put capital back to work.

Secretary of Labor Solis recently commented that in her travels “Many of you have told me that you want an America that produces things again:  WE NEED JOBS!”

Rich Trumka, AFL – CIO President in Milwaukee travels the country to help American’s to get back to work.  He also sees the huge need for Affordable Housing.

During, the 2010 New Market Tax Credit awards (in Chicago) Mayor Daley, along with Donna Gambrel (Director of the Federal CDFI Fund), and Treasury Secretary Timothy Geithner discussed economic development.  The following is a synopsis of that meeting:

• The Obama Administration applauds Mayor Daley and the City of Chicago for their commitment to economic development
• Distressed Communities cannot get started toward the path of economic development without Governmental assistance at all levels, which provides jobs, redevelops communities and saves buildings in disrepair

• Chicago needs to rebuild lives thru jobs and futures for families  
• Federal Government needs to work with City and State Governments, which in turn need to work with local businesses

• Economic growth is one of the main causes of Obama’s program
• It’s important that this economic growth be led by private businesses with governmental help
• Urban neighborhood communities suffer the most and are hit the hardest which means more governmental incentives are required to help to break this cycle
• Encourages local governments to work more quickly

Illinois Governor Quinn   recently voiced that the State must work to increase housing that Illinois working class families can afford, and create more construction jobs.

IHDA chief Gloria Materre also desires to help to help the forgotten working middle class so they can have quality housing that they can afford and in the process  move forward with more risk share projects.   

Make no mistake, it’s about JOBS!  Hundreds of JOBS! Which our project will create!

1.    Jobs during construction:   220 direct   jobs:  122 indirect and induced jobs (342 JOBS)

2.    Operational phase:  270 direct jobs, 307 indirect and induced jobs (577 JOBS)

3.    Taxes generated during operational phase (annually):  Federal $7.6 million, State and local $5.7 million 

4.   17 million in New Market Tax Credit Investment in Chicago

Not to mention the added benefit of 158 units   of badly needed quality attainable Work Force housing for the forgotten middle class families and 60,000 s.f. of attainable quality commercial space with customer parking.   This is possible with Federal Section 42 Tax Credits,  Federal New Market Tax Credits, Federal Historic Rehabilitation Tax Credits, Cook County and City of Chicago Class L Tax Incentives, Energy grants and other Federal and state programs.  The building is in a highly distressed NMTC Zone, a Chicago TIF district, an Illinois Enterprise Zone and a Federal HUB Zone and Federal Underserved Medical Service Area.      This project should be the poster child of what Chicago and America needs now!

Politics aside, it’s not in any ones best interest to have a Federal Historic and Chicago Landmark building continue to fall apart – (especially since Michelle Obama was on the Chicago Landmark Commission – to save historic properties).  This project will be the catalyst for an additional 500+ units of attainable Work Force Housing   for our forgotten middle class families, and attainable commercial providing THOUSANDS of jobs over the next 5 years.  

The positive effect that our company can have on the local economy is staggering.  This is why this is so important for all of the above reasons that IHDA finances this project.   

The only place where financing is available is through governmental agencies.  This is common knowledge    

Old Mother Nature has taken a toll on this building, so time is of the essence!