===== PDF PAGE 2 ===== WHERE HISTORY & PROGRESS MEET 475 Main Street West Chicago, Illinois 60185 T 630.293.2200 F 630.293.3028 westchicago.org Daniel Bovey MAYOR Viviana Ramirez CITY ADMINISTRATOR Economic Development Commission DRAFT MEETING MINUTES Tuesday, July 28, 2026 - 10:30 a.m. 1. Call to Order Chairperson Beles called the meeting to order at 10:35 a.m. 2. Roll Call Roll call found Commissioners Dave Sabathne, Court Airhart, Sarah Harms, Steve Beles (Chair), and Mark Moran present. A quorum was established. Business & Community Relations Director Kelley Chrisse and Business Support Specialist Sarahy Castro were also in attendance. 3. Public Comment None. 4. Approval of May 28, 2026, Meeting Minutes Commissioner Moran made a motion to approve May 28, 2026, meeting minutes, seconded by Commissioner Harms. The motion carried unanimously by voice vote. 5. Consideration of a Revolving Loan Fund Ms. Chrisse provided a recap of previous discussions regarding access to capital for local businesses. Commissioners discussed the purpose of a revolving loan fund program, existing financing options available through local banks, and whether access to capital is currently a significant barrier for businesses in West Chicago. The Commission generally agreed that the City should not directly administer a revolving loan fund and expressed interest in exploring partnerships with financial institutions or independent economic development organizations. Commissioners also discussed the importance of identifying unmet financing needs before pursuing a program and recommended researching successful models used by other communities. The consensus was that additional research is warranted, but the initiative should not be considered a current Commission priority until a demonstrated need has been established. The Commission identified the initial focus of an initiative like this should be to eliminate or reduce barriers to entry for new businesses and also improve navigation to existing resources. 6. Consideration of a Bridge Loan Partnership Ms. Chrisse introduced the concept of a bridge loan partnership, explaining that staff has shifted from evaluating a loan guarantee program toward evaluating partnerships between the City and financial institutions that could help businesses access capital while complementing ===== PDF PAGE 3 ===== the City's existing grant program. The goal in this approach is to eliminate or reduce barriers to entry. Commissioners discussed the potential structure of the program, the need to clearly define eligibility and funding mechanisms, and whether the proposal more closely resembles a grant program than a traditional bridge loan. Staff will continue researching partnership models used by other municipalities and organizations. 7. 2026–2028 Economic Development Work Plan: Q2 Progress Report & FY2027 Priorities Ms. Chrisse presented the second quarter progress update for the Economic Development Work Plan and reviewed proposed priority adjustments for FY2027. Updates included progress on the Mosaic Market, the West Washington Street project, business development activities, regulatory review, website redesign, business communications, community partnerships, infrastructure projects, and downtown beautification efforts. Staff also reported securing approximately $5 million in IDOT funding to support infrastructure improvements and business growth as a result of partnering with existing businesses. Commissioners discussed shifting several initiatives, including business workshops and the business survey, to lower priority to focus staff resources on higher-impact projects. Staff also introduced the possibility of updating the City's branding and conducting a community-wide survey that would include questions about economic development. Commissioners generally supported exploring both initiatives. Additional discussion focused on the continued success of downtown events, opportunities to increase visitor activity, measuring vendor success, and the importance of maintaining momentum in downtown revitalization. Commissioners also requested future discussion regarding ways the City can support businesses during upcoming downtown construction. 8. Adjournment Commissioner Airhart departed for the meeting at 12:00 p.m. Commissioner Harms departed at 12:07 p.m., resulting in a loss of quorum and the adjournment of the meeting.