COMMUNITY BLUEPRINT
CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 4th Quarter/2012
2012: Year in Review
With support from our partners, CCLF extended our impact as we continued to help stabilize and revitalize communities throughout Chicagoland. 2012 Highlights: $13.5 million in financing through 29 closed loans Nearly $9 million dollars leveraged Over 100 housing units created or preserved Approximately 280 jobs created or preserved Over 221,000 square feet of community facility or commercial square space created or preserved • Over 90 workshop participants in 10 workshops
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In This Issue 2012 Highlights CCLF Featured in Reuters, Nightly Business Report CCLF Financing Preserves Community Landmark CCLF Joins The Plant for Groundbreaking CCLF Noteworthy CCLF Receives $15,000 Grant from Marquette Bank CCLF Loan Helps Support Healthy Food Alternatives CCLF's 2013 Workshops
CCLF Receives $15,000 Grant from Marquette Bank
In 2012, CCLF's loans impacted 16 communities across Chicagoland. (Photos: Steve Becker)
CCLF Impact Receives National Media Attention Two recent national news features highlighted how CCLF and other CDFIs This December, Marquette are an ideal way to give back to Bank awarded CCLF a underserved Chicago communities. CCLF $15,000 program grant. We was featured in the Nightly Business greatly appreciate when longReport (NBR) and Reuters for the positive term community partners like social impact it has had on Chicagoland's Marquette Bank are in a lower-wealth communities. Read more on position to help us expand our NBR's two-segment piece on social neighborhood stabilization impact investing and the Reuters article work. on CDFI impact by visiting cclfchicago.org.
CCLF Financing Preserves Austin Community Landmark
CCLF Loan Helps Bring Healthy Food Options to West Humboldt Park
This October, CCLF closed on a minipermanent loan to Westside Holistic Center, a 6-story community facility in the Austin neighborhood. The 85,883 square foot center, run by Westside Holistic Family Services, has been a fixture in the community since its founding in 1989 and currently houses medical offices, financial institutions, nonprofit professional offices and a charter school. Westside Holistic Center faced a financial dilemma when their current mortgage holder would only renew their mortgage on an annual basis. CCLF recognized the longterm benefit of the center and stepped in to provide longerterm financing. "Westside Holistic Center is a one-stop destination providing vital services for the Austin community. We at CCLF are excited to provide financial products that support Westside Holistic Family Services and its mission," commented CCLF's Vice President of Lending Rob Rose. At a time when traditional lenders are not able to offer needed financial products, CCLF steps in to fill the gap. With CCLF's support, Westside Holistic Family Services continues to promote life-long learning and preparation for self-sufficiency and meaningful employment.
CCLF Joins The Plant for Groundbreaking Ceremony
Quentin Love, tenant of CCLF borrower West Humboldt Park Development Council (WHPDC), was recently featured in Cuisine Noir magazine for his restaurant TurkeyChop. TurkeyChop, whose doors open February 1, will offer healthier food choices in the West Humboldt Park community. In September CCLF closed on a $75,000 working capital loan for restaurant build-out to WHPDC, enabling the introduction of healthy food alternatives to the low- to moderateincome neighborhood.
Save the Date: 2013 Workshops
CCLF joined The Plant in November as they celebrated the groundbreaking of their anaerobic digester in Chicago's Back of the Yards neighborhood. The construction of this new system marks the first major step in The Plant's path towards net-zero energy use. John Edel, founder and Executive Director of Bubbly Dynamics, LLC, which owns and operates The Plant, has been working with a team of volunteers to transform an abandoned meatpacking plant into a vertical farm and sustainable foods business incubator. CCLF's loan financed the purchase and installation of the anaerobic digester and combined heat and power turbines. Together they will convert waste from The Plant and other local businesses into biogas that will be used to heat and light the building. Lowered energy bills will allow tenants to expand production and hire new employees, creating jobs in the community. In the upcoming years, The Plant plans to house multiple small craft food businesses creating 125 new jobs in the distressed community while becoming a model for future projects. CCLF recognizes that supporting innovative, yet untested projects like The Plant goes a long way towards building sustainable neighborhoods.
Project Readiness Workshops: March 12, June 11, November 12 Housing Cooperatives and Communities Potluck: Summer TBA Building for Sustainability: September 26-27
Sustainable Builders Working Group: Last Thursday of every other month Green Affordable Housing Training Series: Cohort 2 will kick off January 31st Contact Maureen at mmcquilkin@cclfchicago.org for more information.
Board of Directors CCLF's Mark Fick; John Edel, Founder of Bubbly Dynamics; Ald. Pat Dowell of Chicago's 3rd Ward; Chief Sustainability Officer for the City of Chicago Karen Weigert; and President of Eisenmann Corp. Mark Weist break ground at The Plant
CCLF Noteworthy Thank You to Funders and Investors
For their recent grants, CCLF thanks Charter One Foundation, MetLife Foundation, PNC Foundation, Cole Taylor Bank, Opportunity Finance Network and Marquette Bank. For their recent investments and renewals, CCLF thanks Barrington Bank & Trust, The Sustainability Group, The Suzanne LaFetra Trust and the Wieboldt Foundation.
Staff & Board News
CCLF welcomes Thomas P. FitzGibbon, Jr. of Talmer Bank and Trust to our Board of Directors. At Talmer Bank and Trust, he is the Managing Director and Chief Operations Officer. Thomas is also adjunct Professor of Real Estate Finance at the Kellstadt Graduate School of Business at DePaul University, School of Commerce. He is a member of the Regional Lender Advisory Board for the Federal Home Loan Mortgage Corporation (Freddie Mac) and serves on the loan committee for the NeighborWorks庐 Capital Corporation.
CCLF is happy to welcome Bettye Claggette as our interim Finance & Accounting Associate. Her primary duties include handling bank receivables, processing draws and various accounting duties. Bettye had previously worked for Y-Me National Breast Cancer Organization. She has a business degree from Robert Morris University.
John L. Tuohy, Chair Chapman and Cutler (retired) Matthew R. Reilein, Vice Chair JPMorgan Chase & Co. Charles Walls, Treasurer ComEd Mohammed M. Elahi, Secretary Andes Capital Group LLC Thomas P. FitzGibbon, Jr. Talmer Bank and Trust Erik L. Hall Citigroup Edward J. Hoynes, CPA Community Accounting Services Ed Jacob Neighborhood Housing Services of Chicago Rafael M. Le贸n Chicago Metropolitan Housing Dev. Corp. Patricia Y. McCreary Consultant Raymond S. McGaugh McGaugh Law Group Steven Quasny BMO Harris Bank Nancy Radner Ounce of Prevention Fund Kathryn Tholin Center for Neighborhood Technology
Credit Memos: CCLF lends $2.3 million in Fourth Quarter 7256 S. Rhodes received a $102,400 minipermanent loan to finance an 8unit apartment building in Greater Grand Crossing for use as affordable rental housing. This loan is part of the Cook County Preservation Compact. Thanks to Jessica Simons, Bradley Ritter and Matt Stoker of Paul, Hastings, Janofsky & Walker LLP for serving as CCLF's counsel on this transaction.
Staff Calvin L. Holmes President Dana K. Peterson Chief Operating Officer Jane I. Ames Vice President, Finance & Administration Rob Rose Vice President, Lending
963 E. 84th LLC received a $195,000 permanent loan to finance an 11-unit apartment building for use as affordable rental housing in the Chatham community. This loan is part of the Cook County Preservation Compact. Thanks to Kimberly Barton of Chapman and Cutler LLP for serving as CCLF's counsel on this transaction.
Mark Fick Senior Loan/Program Officer
Stewards Market received a $50,000 equipment/working capital loan to expand a small business incubator in Humboldt Park. This loan is part of the City of Chicago Treasurer's Small Business Development Fund.Thanks to Elizabeth Herman Smith and Derek Ladgenski of Katten Muchin Rosenman LLP for serving as CCLF's counsel on this transaction.
Clarice Norin Loan Closing/Portfolio Officer
Veja Enterprises received $1,190,000 in construction and permanent financing to develop an Advanced Auto Parts store in the Chatham community. This loan is part of the City of Chicago Treasurer's Small Business Development Fund and State Farm's Strong Neighborhoods Fund. Thanks to Howard Richard of Katten Muchin Rosenman LLP for serving as CCLF's counsel on this transaction. Westside Holistic Center received a $835,000 minipermanent loan for a 6story community facility in the Austin neighborhood. Thanks to Andrew Hamm of Katten Muchin Rosenman LLP for serving as CCLF's counsel on this transaction.
Lycrecia Parks Senior Portfolio Management Officer
Juanita Walker Office Manager Emily Sipfle Lending & Portfolio Management Associate Bettye Claggette Interim Finance & Administration Associate Lincoln Stannard Program Assistant Kallie Rollenhagen Technical Assistance Program Coordinator Elizabeth Ginsberg Finance & Administration Assistant Maureen McQuilkin Program Assistant Consultants
The mission of the Chicago Community Loan Fund is to provide flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.
Torrence Moore Senior Consultant Special Initiatives Chelsi Cicekoglu Lender Editors Kallie Rollenhagen Maureen McQuilkin Printer Salsedo Press
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Chicago Community Loan Fund (CCLF) | 29 E. Madison St., Suite 1700 | Chicago | IL | 60602