Businesses located on Chicago’s South and West Sides will soon receive another round of grants from a program that sets aside millions in fees from the City’s flourishing downtown building development. The program, called the Neighborhood Opportunity Fund (“Fund”), was started in 2016 by Mayor Emmanuel. As part of the program, Emmanuel first expanded the borders of where developers could obtain approval for downtown high rises north and west of Chicago, and in exchange, most of the fees from the developments were put into the Fund.
Overall, 80% of the money is put toward the Fund, while the other 20% is put toward restoring city landmarks and improvements near the site of the development paying the fees. Thus far, 85 grants have been awarded, totaling nearly $12 million. However, due to the Fund’s growth, the next round of grants will each surpass $1 million.
Rock, Fusco & Connelly would like to congratulate its client, Home Run Inn, the local neighborhood pizzeria, on receiving one of these grants. Home Run Inn plans to expand its locations with the funds, which in turn, will create more jobs, generate more business, and bring the community together at a local establishment on the Southwest Side.