The City of Chicago and the Chicago Development Fund (CDF) recently announced the launch of the Industrial Expansion Loan (IEL) program, a new form of financial assistance that will support the expansion of Chicago's vibrant industrial sector. This program provides enhanced financing to industrial businesses looking to expand, relocate or renovate facilities within Chicago's low-income community areas, and is also available to developers of new, multi-tenant industrial projects. These loans feature advantageous terms such as interest rates which are 2.0-2.5 percentage points below market, loan-to-value ratios in excess of 90 percent, and potential for partial forgiveness of debt after several years.

The terms of Industrial Expansion Loans are made possible through the use of New Markets Tax Credits (NMTCs). The NMTC program is a federal initiative that provides federal income tax credits to investors in exchange for investments which promote the creation of jobs and other community benefits for residents of low-income communities. In 2005, the City of Chicago applied for an allocation of NMTCs through the Chicago Development Fund, a non-profit subsidiary of the City, and in 2006 CDF was awarded a $100 million allocation of NMTCs.

Chicago Development Fund's application was distinctive in its focus on industrial projects. In other parts of the US, NMTCs have been used primarily to support the construction of retail projects and community facilities. While CDF does plan to use a portion of its allocation in support of such projects, its highest priority is the creation and retention of industrial jobs. Over the next two years, CDF plans to provide $35-$50 million in low-cost financing to industrial projects through the IEL program.

By partnering with a single bank for this program, CDF will streamline the application and underwriting process, minimizing fees associated with the program. Developers and industrial businesses can expect to close on an Industrial Expansion Loan within 60 days of submitting a complete application and underwriting package if the project meets CDF and bank criteria.

Industrial Expansion Loans may be combined with other forms of financial assistance, such as tax-increment financing (TIF) and Class 6B property tax relief. They may be used to finance the real estate costs of industrial projects, including land acquisition, site preparation, environmental remediation, architecture, engineering and construction costs. IELs may not be used to finance equipment purchases, and they can only be used for projects in qualifying low-income community census tracts. Nearly 75 percent of the City's Industrial Corridors qualify for the program -- click here for a map of qualifying parts of Chicago.

Mayor Richard M. Daley and the City of Chicago hosted the second-ever Mayors Hemispheric Forum, co-chaired by Miami Mayor Manny Diaz and Mayor David Miller of Toronto. More than 30 mayors and representatives from 15 countries attended the forum September 23-26. The Mayors heard from expert speakers and offered their own perspectives in three topic areas: security, the environment, and globalization.

Mayor Daley opened the conference with a welcome message followed by a presentation from Carol Coletta, President and Chief Executive Officer of CEOs for Cities. Coletta addressed the crucial role that cities will play in the future as the first line of response for their citizens, a discussion that very much set the tone for the remainder of the conference.

"These mayors understand, as I do, that urban centers are where the greatest concentrations of people will be living during the 21st century. And these cities will be brought closer and closer together through global commerce and technology," said Mayor Daley. "That's why meetings such as this one are important. The information we're exchanging here and the relationships we're building will pay great benefits to all our cities and our residents in the days to come."

Hemispheric forum participants included Mayor Cesar Maia of Rio de Janeiro, Mayor Leopoldo Lopez of Caracas-Chacao, Venezuela; Mayor Zoila Milagros Navas of Antiguo Cusatlan, El Salvador; and Mayor David Cicilline of Providence, Rhode Island among others.

During the security session, moderated by Mayor Diaz, forum participants heard from Tom Diaz, Senior Policy Analyst at the Violence Policy Center; Arif Alikhan, Deputy Mayor for Homeland Security & Public Safety for the City of Los Angeles; and Cortez Trotter, Vice President and Regional Director at James Lee Witt Associates. Both Mayor Diaz and Alikhan discussed innovative trans-national approaches to combating gangs.

Participants then toured the City of Chicago's state-of-the-art Office of Emergency Management and Communications to observe ways Chicago is using cutting-edge technologies and strategies to combat crime and drugs, and plan for City-wide emergency management and response.

Mayor Miller moderated a session focused on the environment and the benefits of investing in environmental initiatives, especially tangible economic and financial benefits in addition to the intended environmental improvements. Venezuelan mayors Lopez and Torres Mayor Julio Chavez, discussed their problems of desertification, methane emissions in landfills, severe water shortages, and their efforts at sustainable and environmental protection through such methods as reforestation.

Our Mayor discussed the Chicago Climate Exchange (CCE) and pointed out that the CCE "is the world's first and North America's only voluntary, legally-binding greenhouse reduction program."

Mayor Daley moderated the final session -- globalization and the need for cities to compete in an increasingly challenging global economy. The forum heard from Dan Malachuck, Senior Advisor at Oxford Analytica, and George Muñoz, Principal at the Muñoz Group, regarding the challenges facing cities and addressing strategies cities can use to position themselves favorably to attract investment.

Leaders from local universities, museums, laboratories, and technology and healthcare companies joined Mayor Daley on October 2 to unveil the top ten scientific achievements in Chicago's history.

The list was unveiled as part of the kick-off to Chicago Science in the City -- a two-week festival with more than 85 activities to highlight the importance of science in daily life and emphasize the strong ties between science and education. More than 1,500 participants and 5,000 spectators joined the kick-off event alone.

"When the Century of Progress Exposition opened in 1933, numerous exhibits showcased that by working together science, business, and government could pave the way to a better future. Today, Chicago is a global center of intellectual capital with an impressive history of fostering innovation," said Mayor Daley. "We hope these scientific achievements will get people talking about the great discoveries of our city's past and get people excited about what discoveries will unfold as part of our city's future."

Chicago's Top Ten Scientific Achievements were selected by a juried group of science professionals and included:
1. First Controlled Nuclear Reaction
2. First Portable Cell Phone
3. Hormone Treatment of Prostate and Breast Cancer
4. Magnetic Recording
5. Malaria Treatment
6. Skyscraper
7. Discovery of the Top Quark
8. Chromosome Abnormalities in Cancer
9. Carbon 14 Dating: A Key to the Past 
10. How the Body Makes Insulin

Chicago Science in the City took place all across the Chicago area - from the Argonne National Laboratory in the western suburbs to the Shedd Aquarium on Chicago's lakefront.

As part of the program, Chicago Public Schools conducted special science competitions, and children across the City who visited museums with the Science in the City passport had the chance to win prizes. CPS teachers also did science experiments during lunch hours at office buildings in the Loop.

"Science in the City explores science from every angle and shows our students how fun and thrilling science can be -- as a subject in school, as a future career, and as a part of our planet," said Arne Duncan, CEO of Chicago Public Schools. 

More than 7,500 children and adults also attended three Science in the City neighborhood science carnivals at North Park Village, Garfield Park Conservatory, and Kennedy-King College, where they experienced hands-on science experiments, activities, and trivia contests.