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CITY OF WEST CHICAGO

                    ECONOMIC DEVELOPMENT COMMISSION
                        AGENDA ITEM SUMMARY

ITEM TITLE:
                                   AGENDA ITEM NUMBER:        6
Loan Program Participation
                                       COMMISSION AGENDA DATE:    01/28/2025


STAFF REVIEW: Kelley Chrisse, AICP, CEcD          SIGNATURE


ITEM SUMMARY:
In November 2024, the City Council adopted the Downtown Investment Program, which requires the
grantee to pay in full for the approved project and then seek reimbursement from the City. Some applicants
for the grant may find it difficult to obtain financing to cover the full cost of the project. This topic is being
presented for consideration to determine if the City should evaluate partnering with local financial institutions
to provide better access to capital for the full cost of improvements eligible under the Downtown Investment
Program.

Some communities have implemented programs, which include:
   •  La Grange Park – partners with Central Federal Savings & Loan Association to provide reduced
       rates
   •  La Grange – had a program through FNBC Bank & Trust to provide a low-interest loan to the
       applicant that was backed by the Village
   •  Hampshire – partners with Resource Bank to provide three options for reduced rates specific to the
     Façade Improvement Assistance grant

ACTION PROPOSED:
Staff is looking to gauge interest in crafting and/or City participation in loan programs.