U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), along with
state and city officials, today announced that financing is in
place, and site and infrastructure work has begun on the first
phase of a retail development for Pullman Park, providing 1,000
permanent and 700 construction jobs, expanding access to groceries
and basic retail goods and services, and increasing the tax base on
52 acres of vacant, former industrial land on Chicago’s South
Side.
Also today, the State of Illinois announced a $4.6 million grant
for the second phase of road and infrastructure improvements on
Woodlawn/Doty Avenue between 103rd Street and 106th Street. The
infrastructure upgrades, assisted with Ike disaster recovery funds,
will strengthen and elevate the road by 3-4 feet, which has
continued to deteriorate after flooding in 2008. The Ike funds will
also support substantial sewer and water main improvements, which
coupled with the road upgrades, will serve to mitigate future
flooding of this stretch of road leading up to the retail site.
“This funding will help Pullman Park make much-needed repairs to
flood-damaged roads and water mains,” said Governor Pat Quinn.
“Projects like these build on our commitment to restoring
communities, putting people to work and paving the way for future
economic growth.”
In addition, Richard Davis, chairman, president and chief
executive officer of U.S. Bancorp, announced the donation of 2.3
acres of U.S. Bank land to the City of Chicago for the re-routing
of Doty Road, and the donation of an additional 6.3 acres of land
for future retail development and for a detention pond.
“I am committed to creating an environment in Chicago where
residents can live, work, raise their families and thrive,” said
Mayor Rahm Emanuel. “U.S. Bank’s partnership with Pullman Park will
help to rebuild our infrastructure, revitalize our neighborhoods
and bring jobs to hard working residents of Chicago.”
U.S. Bancorp Community Development Corporation, a wholly-owed
subsidiary of U.S. Bank, structured the first phase of the
financing package by committing more than $7.5 million of New
Markets Tax Credit equity in partnership with Community Development
Entities RBC Community Development, LLC and MBS Urban Initiatives
CDE, LLC, a subsidiary of MBA Properties, Inc. U.S. Bank also
provided a $9.5 million loan to the developer, Chicago Neighborhood
Initiatives (CNI), an independent nonprofit formed after U.S.
Bank’s acquisition of Park National Bank, Inc.
“U.S. Bank is proud to play a role in improving the quality of
life in Pullman, Roseland and other low income Chicago
neighborhoods,” said Davis. “Our investment in Pullman Park will
ensure the continued growth and development of the far South Side.”
He noted that U.S. Bank has extended more than $105 million in
Community Development Loans and made more than $74 million in
investments throughout the Chicagoland area in the past two
years.
The financing package by U.S. Bank will allow CNI to complete
the site and infrastructure work required for the first phase,
which includes approximately 400,000 square feet of retail at 111th
and the Bishop Ford Expressway. Walmart, the nation’s largest
retailer, has signed on as the first anchor tenant, and will build
a 148,000 square foot store complete with a full-service grocery,
general merchandise, a pharmacy, and a garden center once the site
improvements are complete next year.
Future phases of Pullman Park, which will be 174 acres in all,
will include neighborhood retail stores along 111th Street, housing
development, a recreation center, and a 10-acre park.
Warren Ribley, director of the Illinois Department of Commerce
and Economic Opportunity, stressed the State of Illinois’
commitment to help rebuild an area of Chicago’s South Side that was
impacted by 2008 storms. “This funding will help revitalize the
local economy with much needed infrastructure improvements that
will help attract additional retailers to an underserved community
and create jobs,” Ribley said.
Ninth Ward Alderman Anthony Beale said that the development is
expected to bring much needed economic development to the area.
“This is a great day for the Pullman and Roseland communities,” he
said. “My ward has been hard hit by unemployment, and when
complete, this development is expected to provide up to 1,700 jobs
for area residents.”
Zack Boyers, chairman and chief executive officer of U.S.
Bancorp Community Development Corporation, added, “With no grocery
stores currently located in the Ninth Ward, our partnership with
CNI increases access to healthy food options for area residents in
serious need of retail facilities. The development brings much
needed jobs and additional services to a community that has
unfortunately suffered severe economic decline over the past few
decades.”
David Doig, president of CNI, said that the community has been
involved in planning Pullman Park for nearly two years. “Credit
goes to many, including U.S. Bank, Alderman Beale, Walmart, and the
many community organizations, businesses, and residents who saw the
potential of this property and stuck with it to make it
reality.”
Doig noted that the first phase of financing includes land
acquisition for the shopping development, public and private
infrastructure improvements including intersection improvements at
111th and Doty Avenue, and construction of two landscaped storm
water detention ponds. Doty Avenue will be reconfigured at 111th
Street to curve around the west side of the existing U.S. Bank
building and re-join the existing Doty at approximately 110th
Street, and Doty will be re-built from 110th to 107th Street. He
added, “Once we successfully complete phase one, we’ll focus on our
next task, which will be to bring additional retail tenants and
restaurants to the site to further serve the retail needs of the
surrounding community.”
About Pullman ParkPullman Park honors its historic
location as part of the original town of Pullman, significant for
its planning, labor and industrial history. Once part of Lake
Calumet, the area was filled in by railway car manufacturer George
Pullman to build a “perfect town” between 1800-1884 that centered
employee housing, shops, public facilities and parkland around the
Pullman Palace Car Company. The Pullman factory shut down in the
1980s and the property was used by Ryerson Steel for metal
fabrication until 2008.
About Chicago Neighborhood InitiativesCNI was established
on July 1, 2010 to continue the efforts of Park National Bank
Initiatives (PNBI), a not for profit subsidiary of the
former Park National Bank, which was purchased by U.S. Bank in
October 2009. CNI works collaboratively in target communities to
identify and implement high impact projects that promote economic
development and community revitalization, combat community
deterioration, create training and job opportunities for local
residents, and rehabilitate and preserve affordable housing.
About U.S. Bank and U.S. Bancorp Community Development
CorporationU.S. Bank, the fifth largest commercial bank in the
United States, has 81 branches in the Chicago area. It is a
subsidiary of U.S. Bancorp, with $321 billion in assets as of June
30, 2011. The company operates 3,086 banking offices in 25 states
and 5,086 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S.
Bancorp Community Development Corporation, a wholly-owned
subsidiary of U.S. Bank, finances community development and
affordable housing projects through the use of New Markets Tax
Credits, Historic Tax Credits, Affordable Housing Tax Credits, and
Investment Tax Credits in Renewable Energy. USBCDC is the largest
New Markets Tax Credit investor in the country, investing billions
of dollars nationwide in hundreds of transactions. These equity
investments have provided much needed revitalization and new
resources to communities throughout the country.
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