U.S. Bank partners with city, state and Chicago Neighborhood
Initiatives to bring 1,700 jobs to South Side
CHICAGO, Sep 19, 2011 (BUSINESS WIRE) --
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."
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
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
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 Park
Pullman 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 Initiatives
CNI 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
About U.S. Bank and U.S. Bancorp Community Development Corporation
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
SOURCE: U.S. Bank
U.S. Bank Public Relations
Lisa H. Clark, 608-877-7517