City Council May Extend Developer-Funded Grants to Small Businesses
Chicago’s City Council will consider this week whether to authorize an additional $6 million in funding for the city’s Neighborhood Opportunity Fund, which uses voluntary contributions from downtown development projects to support commercial corridor growth on the South, Southwest and West sides. Developers contribute to the program, in exchange for density bonuses that allow them to exceed zoning limits for a specific development site.
“The Neighborhood Opportunity Fund was created to ensure that, as one part of Chicago grows, we all benefit from that growth,” said Mayor Rahm Emanuel. “Small business investments on the South, Southwest and West sides of the city catalyze positive economic change.”
The Emanuel administration created the program through reforms to the city’s Zoning Code in 2016. The first two rounds of funding awarded a total of $6.4 million to 57 small businesses.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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