Economic Development & Employment We will connect local businesses to the resources they need to expand and prosper, train a skilled and competitive workforce, and improve quality of life through more inviting and thriving commercial corridors. According to the 2016 American Community Survey (ACS), the unemployment rate for the Back of the Yards (New City) community is 20%. Some of the economic goals from the community visioning sessions reflected the need for expanding employment opportunities and workforce training programs for youth and adults alike. Efforts focused on economic development help to create jobs, retain and expand businesses, increase the tax base, and ultimately lead to an improved quality of life. Community members want to leverage 47th street as a commercial corridor that expands entrepreneurial opportunities for small and minority-owned businesses. Back of the Yards’ vibrant local economy is anchored by the Stockyards Industrial Corridor (Special Service Area #13), one of the largest industrial corridors in the
city by both area and number of employees. Although manufacturing consists of 9% of all businesses in Back of the Yards, it employs almost 30% of all employees in the area. Wholesale trade and retail trade round up the top three largest employment sectors in the community. Existing firms and future employers can play a role in connecting living wage employment and workforce development opportunities to local residents, especially those without a college education. The 47th Street and Ashland Avenue commercial strips (Special Service Area #10) are hubs for economic activity with many businesses locally owned. Allowing local businesses to grow and entrepreneurship to flourish will help to stabilize and enhance the Back of the Yards economic circumstances for its residents and stakeholders. Both of these corridors are eligible for Chicago’s Neighborhood Opportunity Fund, which means that business and property owners can apply for grants that will pay for development or rehabilitation projects (See Figure 8). There are eight Tax Increment Financing (TIF) Districts in the New City Community Area (Figure 6). The TIF program in Chicago is a tool meant to promote public and private investment in areas that exhibit excessive vacancies, inadequate utilities, lack of community planning, dilapidation, or any other blighting factor. The current property tax amount generated is set as a base and any property taxes generated from an increase in property values can be used by the TIF district to fund redevelopment projects. Figure X on the following page shows these TIF districts and can be used to strategically plan redevelopment projects throughout the Back of the Yards Community. The strategies that follow will help bridge the poverty gap and connect residents to meaningful employment for the Back of the Yards population. They also focus on generating community wealth by encouraging business ownership and reinforcing relationships between organizations and programs that serve to promote entrepreneurship, local businesses, beautify commercial corridors, and develop the local workforce.
Back of the Yards Neighborhood Plan
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