Chicago Development Fund

“Several officers and directors are full time employees of the city of chicago.”

“The form 990 is prepared in draft form by third party consultants, it is then reviewed and executed by bailey mitchell, secretary-treasurer for the chicago development fund.”

“City ordinance (s 2-156-150(a)) of the municipal code of chicago) requires that certain people file an annual statement of financial interests with the board of ethics. Required people include: every city elected official; every appointed official, except a member of an agency that is solely advisory in nature and has not authority to make binding decisions, enter into contracts, or make expenditures; each employee compensated for services or occupying a budgeted position at an annual rate that equals or exceeds the rate set by the board of ethics each year. The rate is based on the percentage changes in the consumer price index for urban wage earners; each employee whose total income per year exceeds the rate set by the board of ethics because he or she receives additional city compensation for professional services, or as an independent contractor for the city; any person that meets the above salary criteria because he or she is newly hired, receives a pay increase, or a job title change; and every person who qualifies as a candidate for elected office of city government.”

“The organization's governing documents and policies are available for public inspection at the organization's office during regular business hours upon request.”

“The organization promotes economic development in the city of chicago's low income communities by providing investment capital through the utilization of the new markets tax credit program for industrial business expansion/retention, community facility development, and adding retail in under-served areas. The organization has been awarded $521 million of federal new markets tax credit allocation and through 2023 has utilized $448.5 million of the allocation to in turn generate below-market loans. The organization has made all of these loans to businesses located in areas qualified as higher distress. These loans have resulted in the recipient businesses and organizations being able to preserve or create thousands of jobs at full operation. Supported projects will also provide vital education, healthcare, job training, and other community services each year at full operation.”

“Other fees: program service expenses 15,318. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,318. Consulting fees: program service expenses 467,474. Management and general expenses 0. Fundraising expenses 0. Total expenses 467,474.”