Committee on Economic, Capital and Technology Development

Politics

Tuesday, July 13, 2021
10:00 a.m. CDT

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Reporting

Edited and summarized by the Chicago - IL Documenters Team

Note-taking by Rebecca Zellelew

Hearing on Chicago as a technology and innovation hub

View notes

Live reporting by Helena Duncan

Hearing on Chicago as a technology and innovation hub

Helena Duncan @hd_documenter

Good morning! At 10:00 I’ll live-tweet a meeting and subject matter hearing held by the #ChicagoCityCouncil Committee on Economic, Capital & Technology Development. Follow along with me @ChiDocumenters #ChiDocumenters

09:22 AM Jul 13, 2021 CDT

Helena Duncan @hd_documenter 2/36

The agenda will start off with a slew of appointments to various Special Service Areas--local tax districts that fund improvements ranging from trash cans & street decorations to festivals. SSA Commissioners are unpaid and appointed by the mayor. chicago.gov/city/en/depts/…

Helena Duncan @hd_documenter 3/36

After a couple items relating to tax incentives for developments in the Loop and West Loop, a subject matter hearing will be held on “rebuilding Chicago as a technology and innovation hub.” 💻

Helena Duncan @hd_documenter 4/36

This hearing comes on the heels of @chicagosmayor’s trip to San Francisco, where she met with its mayor & various leaders in tech, startups & venture capital to try to “raise awareness of Chicago’s tech ecosystem”--though some criticized the trip's timing
news.wttw.com/2021/07/08/lig…

Helena Duncan @hd_documenter 5/36

This committee is chaired by @gilbert36ward and comprises 19 other council members. You can watch the livestream at 10:00 here: livestream.com/accounts/28669…

Helena Duncan @hd_documenter 6/36

Ald. Villegas calls the meeting to order at 10:04 from his car. https://t.co/kdspG7ZjOD

Helena Duncan @hd_documenter 7/36

We have quorum. The May monthly report is approved without comments or questions.

No one has signed up for public comment. We move on to the SSA appointments.

Helena Duncan @hd_documenter 8/36

One of the appointees, Jessica P. LaMacchia to the Greater Ravenswood Commission, has asked to have her application withdrawn.

Helena Duncan @hd_documenter 9/36

Chair Villegas asks if any of the appointees have any remarks to give; none do.

Ald. Hadden expresses her thanks & support to the appointees in her ward, as does Ald. Reilly for his ward.

Alderpeople move to accept the nominees and move them forward to the full City Council

Helena Duncan @hd_documenter 10/36

Next is Ordinance 2021-2871, “Class C tax status for brewery properties at 221 N Wood St to Great Central Properties II LLC" in the 27th Ward. Aaron Dorsey, a financial planning analyst for @ChicagoDPD, is here to make a presentation about this.

Helena Duncan @hd_documenter 11/36

This is for a real estate tax incentive “for the remediation of contaminated properties.” The site contained environmental hazards, the cost for the brewery to clean it up was more than $100k, so the city will grant a favorable tax status to help make up for that cost.

Helena Duncan @hd_documenter 12/36

Here is the brewery. https://t.co/8efVGJy3eb

Helena Duncan @hd_documenter 13/36

Here is why the DPD supports this tax incentive: https://t.co/6t1I9wtiK4

Helena Duncan @hd_documenter 14/36

27th Ward Ald. Burnett says he supports this development, and says this is a good business that has hired folks from the local community.

This item passes.

Helena Duncan @hd_documenter 15/36

The next item is Ordinance 2021-2873, “Support of Class L tax incentive for property(s) at 208 S LaSalle St (former Continental and Commercial National Bank Building) for rehabilitation by RCP Hotel Owner LLC" in the 42nd Ward. Dijana Cuvalo from DPD is here to present on this

Helena Duncan @hd_documenter 16/36

This historic building was constructed in 1914 and designated as a Chicago landmark in 2007. The owner wants to rehabilitate & renovate some floors/part of the building’s interior & exterior, to operate it as a luxury hotel

Helena Duncan @hd_documenter 17/36

An example of some of the exterior work needed to preserve this building: https://t.co/1w1TAS44Pf

Helena Duncan @hd_documenter 18/36

The owner has applied for Class L classification (basically, it’s a historic landmarked building & would be used for commercial/industrial purposes) to make it eligible for certain real estate tax incentives and this ordinance would grant that.

Helena Duncan @hd_documenter 19/36

This item passes.

Helena Duncan @hd_documenter 20/36

Now on to the subject matter hearing on rebuilding Chicago as a tech hub.

We're joined by Michael Fassnacht from the economic development arm of the city of Chicago, World Business Chicago chicagotribune.com/business/ct-bi…

Helena Duncan @hd_documenter 21/36

Fassnacht says World Business Chicago is leveraging 5 tools in its work. https://t.co/F3AvjOBDhx

Helena Duncan @hd_documenter 22/36

How do we build equitable economic development after the pandemic's end? Fassnacht asks. Priority opportunities include healthcare and life sciences, food & ag, manufacturing

Helena Duncan @hd_documenter 23/36

"We positioned Chicago as the next big thing in life sciences," Fassnacht says. One of our constraints has been not enough lab space for companies. But in the last 12 months some of these companies have moved here or expanded aggressively. https://t.co/H8je1YbRXb

Helena Duncan @hd_documenter 24/36

Chicago is the "food innovation capitol of the world," his presentation proclaims.

We have the most Fortune 500 food & beverage HQ's in the nation.

Helena Duncan @hd_documenter 25/36

We seem to be doing well in TDL innovation & manufacturing as well. https://t.co/WnYyqXk2RO

Helena Duncan @hd_documenter 26/36

Finally, quantum information science. I have not a clue what that entails, but Fassnacht thinks we can make Chicago a quantum technology center over the next couple years

Helena Duncan @hd_documenter 27/36

"This year, 2021, will be our best year ever in our history for tech," Fassnacht says. That's not just Uber and Facebook; nowadays, every one of our industry sectors has become digitized. Tech jobs make up a large # of tech jobs in other fields too.

Helena Duncan @hd_documenter 28/36

That concludes Fassnacht's presentation. Chair Villegas says this is important because the news doesn't always cover the good developments, the investments and innovation, happening in Chicago.

Helena Duncan @hd_documenter 29/36

Ald. Burnett asks how Chicago's restaurant sector is doing. Fassnacht says restaurants are roughly back at 80% of prepandemic numbers, based on OpenTable data. Problem is restaurants don't have enough workers. Have to do better at connecting talent with open positions.

Helena Duncan @hd_documenter 30/36

Conventions are lagging, but 2022 looks very promising. Business travel is coming back slightly faster than expected.

Helena Duncan @hd_documenter 31/36

Burnett asks if we have the space (buildings, infrastructure) to take in more businesses.

Fassnacht says the industry sectors where we need more space/capacities are 1) lab space for life sciences and 2) movie/film studios for production

Helena Duncan @hd_documenter 32/36

Burnett says he's "bumping heads with residents with height and things like that" with new developments like Lincoln Yards. What can we do to address that?

Helena Duncan @hd_documenter 33/36

Fassnacht says zoning is out of his purview. Burnett asks how does a life science development, for example, affect our economy, so he can translate that to residents preoccupied with how new developments will effect their views?

Helena Duncan @hd_documenter 34/36

Fassnacht says these developments create jobs, including those for people who don't hold a 4-year college degree. And the money created is brought back into the Chicago economy. It's a "self feeding organism and structure."

Helena Duncan @hd_documenter 35/36

Burnett says he thinks Chicago's affordable living helps bring companies to this city. "We encourage affordable housing with residential developments...have we thought about encouraging affordable housing with commercial developments" so workers can have affordable places to live

Helena Duncan @hd_documenter 36/36

No one else has any questions for Fassnacht. That concludes the subject matter hearing. That was pretty brief! The meeting adjourns at 10:50.

Check out documenters.org later on for full notes from today's meeting. #ChiDocumenters

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Agency Information

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@ChiCouncil

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