2003 Section 108 Project Summary - Illinois

Economic Development

South Main Street Redevelopment
BORROWER: ROCKFORD
STATE: IL
COMMITMENT AMOUNT: $900,000

The City of Rockford received $900,000 in loan guarantee assistance for the development of a 32,000 square foot supermarket as part of the South Main Street Redevelopment Project. Section 108 assistance is in conjunction with a HUD Brownfields Economic Development (BEDI) grant in the amount of $300,000. The project involves site acquisition, relocation, infrastructure, and construction activities. The supermarket will serve a low- and moderate-income neighborhood and will help anchor a major neighborhood redevelopment effort intended to link South Rockford and the Rockford Central Business District. The City will loan the Section 108 funds to the Rockford Local Development Corporation (RLDC), who will carry out the project as a subrecipient on behalf of the City and will remove blighted buildings, correct environmental issues, and construct the supermarket. The supermarket will be owned by RLDC and leased to Gray's, an experienced local supermarket operator holding an IGA franchise. The total project cost is estimated at $7.2 million and will provide benefit to the area's low- and moderate-income residents.

Public Facilities

Near North Redevelopment Project
BORROWER: DECATUR
STATE: IL
COMMITMENT AMOUNT: $2,500,000

The City of Decatur, Illinois has received $2,500,000 in Section 108 loan guarantee assistance to finance the implementation of the Near North Redevelopment Project. The Near North revitalization effort represents a large scale, multi-faceted renewal project benefiting low and moderate-income persons. The project calls for construction of new mixed-income housing, parks, development of a "Town Center" for social and cultural activities, and some retail space. The Section 108 funds will be used for the construction of new streets, utilities and green space development.