For our attendees on Zoom, we are awaiting to
reach quorum before we start the committee.
So if you can be patient with us, we will get started
once we do reach quorum. Thank you.
Be
too busy. Crazy busy. Yeah. So that part.
Thank you. We're at
eight.
So those are Jalen, Paul, or Mitch.
And...
These are them? Those are the three that I need. I need one of them.
Yeah, I need three. One of them. I've only done nine. How bad?
I don't mix. You got one more. You want me to text them? Yeah, I'll try.
Okay, let me try. Same.
Who's doing the theme? I've forgotten.
The other was Fado. I want to go get a Coke.
This won't be as bad. Mitch was seven. Yeah, Mitch.
So.
Can I text it
to you? Text me
now.
But yes, that was them. Okay.
Good thing. Process.
15.
Okay.
Thank you.
That's
good.
I'm sorry. That's... Hey.
Can't breathe. That good?
We
good.
Okay, great. No, I'll send it right
now.
Okay, all right. Thanks. It's
good with me.
So. Yeah.
And...
Okay. All right. Yep. Text it.
Now.
Text it. Pay attention okay.
Sorry. It's always copy that.
So that was the...
That's...
Right.
I need one more person. If you- Yeah. If you're going to be next door.
We'll get you in if you need to be over there. I'll come get you.
Just stay tight. Sit tight. And, um...
You have an older woman?
Got a number. Yeah.
So- So-
Lenny's in next door. So we're at eight right now. Everybody.
We talked to two. Okay. So we just need one more person.
We have, like, everyone else is on Zoom. Okay.
Yeah.
Cool. The files,
video? Yeah, just
the inputs data.
I don't know. Just the file work portion.
It sometimes opens.
We may have
one item, but if we...
Might have that closed as well.
We just have too many people,
and so... I'll do it. Oh, I'll do it if you're still.
Always. It's
still on.
So, let me
just say
we have knowledge for this one. Just like this. No.
The
convening meeting as soon as a member joins us.
It should be about 15, 20 minutes, so sit tight, folks.
I just wanted to give you an update.
So I know that many of you are joining us for appointments and
reappointments. Thank you.
Oh, good.
The calling to meeting.
Thanks for your patience. This meeting
for our Committee on Economic, Capital, Technology, Development is
now called to order. We're going to have a roll call to establish quorum.
Christian, could you call the roll?
Alderman Cardona.
Alderwoman Cruz.
Alderwoman Gutierrez.
Alderman Espada. Here. Alderman Lee.
Alderman Lopez.
Alderwoman Mana Hoppenworth.
Alderman Waguespack.
Chairman, we have a quorum.
Thank you.
Alders Chico, Mitchell, Mosley,
Napolitano, Riley, Tabaris,
request to participate in today's meeting remotely under Rule
59. Can I get a motion?
Alderman Lopez.
Yeah.
Moved.
Well, first I have to-
You're good
... make sure that they're-
You want to see them, make sure that-
Make sure that they're present.
Alderwoman Tabaris, are you on the call?
Good morning. This is Alderman Tabaris.
Alderman Mitchell, are you on the call?
Alderman Mitchell?
Alderman Napolitano?
Chairman, Alderman Naps-
Naps
... is here.
Naps.
Alderman Chico, are you on the call?
Alderman Chico is here.
Alderman Riley,
are you on the call?
Alderman Riley is present.
All right. Alderman Mitchell.
Thank you,
everyone, except Alderman Mitchell.
Alderman Metts as well.
And Alderman Metts.
Thank you, Alderman Metts.
Thank you.
Alderman Lopez moved to allow
them to participate. All in favor say, "Eh."
Here.
Any opposed say, "Nay."
An opinion of the chair, the ayes have it,
that all the persons mentioned are permitted to participate remotely.
They have been marked present and quorum call, and for the quorum
call.
For today's meeting-
Hey, Chairman. This is Mitchell. I'm sorry. Did you forget me?
Okay, got it, Alderman Mitchell.
All right. Thank you.
Also, I have been informed that we have two people signed up for public
comment today,
with the citizen protocol.
Those two people are
Quishawn Harris.
Hi. Thank you, Derrick Curtis. My name Quishawana Harris.
And I'm the founder and executive director of Chicago Shower
Association, a new initiative to give individuals
access to sanitation services. Essentially, we will
provide private shower stalls, clean clothes, and hygiene supplies
if needed. Today, I am here to talk about the
transparency of ethical capital,
economic capital, and technology development, and how it truly is the
most key factor in my
organization.By
helping individuals reintegrate back into the realm of society, they
start to reckon in the facial recognition system.
They take the next step towards identification, which open doors for
formal employment, housing, and civil participation.
By centering economic capital as an ethical and investable
priority, we don't just support individuals, we create
various cycles. Many become taxpayers,
homeowners, and active contributors.
In doing so, we address not just immediate needs but
long-term city stability,
ensuring that every investment we make in these individuals
pay dividends for all of Chicago. And for those who become
homeowners, they can tap into city services.
And for those who need city services, they can tap into the newly
found homeowners.
These things can vary, such as transitional housing, subsidized living,
mental health support programs.
This ultimately pays for themselves.
This is a true win-win. By investing in people, we unlock the cycle
of stability, opportunities, and prosperity for all,
economically rebirthing Chicagoland to support
individuals by restoring dignity through this vital
central intake system. Thank you so much for your support, and I
hope to move further with this new initiative, adding to
Chicago's fiscal framework.
Thank you, Ms. Harris.
Our next
speaker will be Tiwon Sims.
Just
maybe turn it around.
Are you ready? Thank you.
So my name is Tiwon Sims, spelled T-I-W-O-N
S-I-M-S, and I would love to speak on SSAs.
Because of the 21 in the Southland area,
I want to understand how the money is paid out and
whether it's in the development process, if
foundational Black American communities are seeing any benefit, whether it be
from technology development or economic development.
However, I have a more pressing issue that's personal.
The PAC, meaning the Public Access Service,
I have been trying to access it for maybe the last
120 days. Well, actually one whole year, since
I was arrested in April 16th, 2025, case
number
25120458301, and
also when I was arrested then again in June of
2025, that'll be June 3rd, and that case number is
25120869201.
I went to this public
access oversight, and the number is
PAC
2026PAC9402.
And for whatever reason, inside of the case being dropped,
I'm now being told that I was 60 days over, but
it was a year, and I was waiting for the case to come to an end, and now it
is. And so when I put this request in for the
public access
to documentation that I need to further my investigation, I was
denied. I was then followed up with a young lady, who I can't
recount her name, maybe four emails, but all this was in
time-sensitive areas. And so now I get yet another
denial from the PAC, and I can't understand that.
I've accessed BIA, COPA,
CCPSA, and now the Inspector General
Paxton of the County
Public Defender's Office, all of these areas which are slated to help,
and the only thing I'm getting is denials.
Also, judges who are demanding that I take a behavioral--
Well, this is bringing up Judge Wren over in 61, who is demanding that
I take a behavioral clinical exam, saying that I'm
incompetent to help her or the public
defender's office with the case. This has been
quite stressing, so much so that I think that it has caused me a
health issue,
a debilitated kidney from oxidative stress,
and I'm just trying to get help. I've been trying to get help since 2024 to get
back to my child. The case number is
23D79597. The judge is Judge Wren over in
61. She is demanding that I take a behavioral clinical exam,
and that I'll be jailed on the 15th.
That is 6/15/2026 if I don't. So I'm just
asking for help. Thank you.
Thank you, Mr. Sims. The first order of business is approval
of the May 2026 monthly report, which all members
of the committee should have received via the shared drive.
Are there any questions or comments from the committee regarding this report?
May I have a motion to recommend approval of the May 2026
month report
by the same roll call applied to quorum.
Alderman Spada so moves. Hearing no
objections, so ordered.
Items one through 23 on the agenda are appointments and
reappointments to special service areas.
The following individuals are being considered for the committee.
Appointments of Paul Roscoe,
Zenia
Harris,
Nicholas Caracas as members
of Special Service Area
16, Greektown, Halsted. Appointment of Jeffrey
KPrivate
as member of Special Service Area 27, Lakeview.
Reappointment of Alfred K.
Carmont as member of Special Service
Number 62, Saginaw.
Appointment of Jorge Perez
as SSA Area Number 5, Commercial
Avenue.
Reappointment of David Madefi as member
of SSA Number 31,
Greater Ravenswood.
The reappointments of Sunny Karim,
Charles K. Newsome, and the appointments of Eric
Valdez,
CJ Arista Mimi,
Veronica Markham as member of SSA
Number 61-2023, Hyde
Park.
Appointment of John P. Brady and reappointment of Mark K.
Procell as member of SSA Number 48,
Old Town.
15 through 17, reappointments
of Richard Buckwalter,
Daniel-
Elph
... Elph, Jack Rablowsky as essay number
28-2014, Six Corners.
Reappointments of
Antonella
Frangeliquin and Brian Griffin as SSA
numbers 55, 111th & Kedzie.
Reappointments of Michael Moreno Jr.
as member of SSA number 25, Little Village.
Reappointments of Wallace Anderson as
SSA number 24, Clark Street.
The appointment of
Miola Rosales Guzman
as member of SSA number two,
Belmont Central,
and appointment of Andrew Rizzo
as member of Special Service
Area 17, 2025,
Central Lake View, Wrigley.
The ECD team has confirmed the support and non-objective
from the following committee members' appointments and
reappointments within their respective wards,
and that's Burnett,
Cardona Jr., Chico, Clay, Conway, Cruz,
Gardner, Hadden, Hopkins, Lawson, Mitchell,
Nugent, O'Shea, Robinson, Rodriguez,
Scott, Citro Lopez, Wackespad,
Yancey.
At this time, ask for the appointees that are
present to introduce themselves.
Paul J.
Rosco.
Followed by
Lucille Harris.
She's online.
And Nicholas
Garacus.
On the-
Jeffrey
Privet,
Jorge Perez,
Eric Valdez,
CJ
Atiza Mimi,
Veronica Markham,
John P. Brady,
and Andrew Rizzo.
Would any of the members...
Yeah, would any members of the committee
or members like to make a statement or
ask any questions?
Oh, well-
My
name's Paul Rosco. I'm the owner of Spavia Day Spa
in Chicago's West Loop on Adams. We've been there
for two years, and prior to that,
I opened a day spa in Chicago's Lincoln Park,
11 years ago.
So when I was 54, I guess they call that retirement now for the past 11,
12 years. And love what we're doing here in
supporting the communities across the greater Chicago area.
And
thank you for recognizing today and helping me get
to the SSA 16 in Greektown.
Thank you.
Good morning. My name's Jorge Perez, and I'm the owner of
Chico's Oven. We are a family bakery in South Chicago
on 83rd and Houston, just off of the SSA number five.
We've been in business for five years.
This is a switch in my career, too, after I guess hitting
past 50.
But
it was once a family business. My parents had it from the '70s
till 1994. I mothballed the whole building
for almost 30 years and reopened it with a different
strategy to
see how I can potentially get into airport concessions, which I was
able to do. So, the impact of the
opportunities at O'Hare extend for us way
down in South Chicago. So it's worth the
drive, to say the least. But we also were very
fortunate in that our business is just a couple blocks
away from the new Quantum Development.
And so we've been very fortunate to
provide a lot of catering
for a lot of the development, a lot of the contractors out there as well.
So we're pretty excited now that the new state-of-the-art hospital's coming as
well. So
I have a long history with SSA number five.
I remember when it was first utilized to rebuild the sidewalks, the vaulted
sidewalks on Commercial Avenue back in the-
Mm-hmm
... mid-'80s, and here we are full circle.
So I'm
appreciative to be able to get to work and help out the SSA number
five on Commercial Avenue.
Thank you.
Great. Thank you.
Hi, everyone. I missed my roll call attendance.
My phone had a glitch. I'm reporting from SSA 16.
My name is Zenia Theo Harris.
Thank you. Would you like to introduce yourself to the committee, Ms. Theo Harris?
Hi. Yes, I would. I'm so sorry again. My phone had glitched, everyone.
My name is Zenia Theo Harris. My father has had a well-known business in
Greektown for 35 years.
I would like to join the SSA 16 to give new
insight.
I've grown up downtown in the area for,
I'm 24 years old now, for 24 years.
Greektown, West Loop is a part of who I am
today, and I'm really excited to join
and help on new insights. That's all.
Thank you.
Mr. Brady,
you have any statement for the committee today?
Yeah. Good afternoon. I'm John Brady, a lifelong Chicagoan, seeking appointment to
Special Service Area 48, Old Town. I'm an attorney.
I've been an attorney since 1997. I worked as a state's attorney for
about 10 years, and for the last 20 years, I've been at a law firm, Tully &
Associates. I represent the
Piper's Alley property, which is the largest taxpayer in the SSA.
Just I look forward to and thankful for the opportunity.
Thank you, Mr. Brady. CJ Kristia Mimi.
Hi there. My name is CJ Aristia Mimi.
I'm
physical therapy in Hyde Park. I own a clinic here
for the last six and a half years. I have great investment
in the community, not just as a clinic owner and business owner in the
neighborhood, but I also have three kids that are babies,
actually, and twins.
So we're, from many levels, really interested
in helping the community from the parents to the kids,
to the grandparents, to the neighborhood itself, being able to be
walkable,
maintain its walkability. I have a dog too.
So there's very many different layers to all of this, and I'm looking forward to
being able to participate in SSA 61 for that.
Thank you, Ms. Mimi.
Nicholas
Karakas, are you here?
Right now.
Yes, I am.
Hello, everyone. Thank you for
including me in the group, and happy to be here.
Thank you. I miss anyone? Do we have
Veronica Markham?
Yes, I'm here.
I'm Veronica Markham. I work for MAC Properties for the last 12 years.
I am also a member of the Hyde Park community for many years, as
I grew up in the area. One of the things that I care deeply about
is the continued growth of Hyde Park as both a residential and commercial
community. So I'm looking forward to working alongside the SSA
to keep progression moving forward.
Thank you, Ms. Markham. Do we have Andrew Rizzo
here?
Yes, I'm here. My name's Andrew Rizzo.
I own Rizzo's in Wrigleyville, I'm part of SSA 17.
Rizzo's has been open since 2017. My family has owned the property
since 1946, so we've been part of the Lakeview, Wrigleyville community
going on 80 years now, and it's just an honor to try to give back to the community
and make sure we have the most pro-business business environment for all the
small businesses that make this city go around.
Thank you. Thank you so much, Mr. Rizzo.
Did I miss anyone? Privett?
Yes.
Jeffrey Privett, are you-
Okay. Yes, I'm Jeffrey Keith Privett.
This is a little different for me because I worked for
CDOT for 33 years, retiring in 2023.
And so I'm used to being in the peanut gallery instead of the one speaking to
you all. But after taking a few years off
to take care of my mom, I'm glad to return to public service in another format.
Thank you.
Thank you, Mr. Privett.
Would any member
of the committee have any questions or statements?
Alderman Espada.
I mean, I'll just say this so
briefly and broadly. Thank you all for your commitments
to your neighborhoods, to this service.
People talk about public service as a thankless job, and I think that's
double for SSA service, but the work that you do,
and you've probably already seen it, or else you wouldn't be signing up for this.
You know how transformative SSAs can be in the
economic and community vibrancy where they're placed.
So thank you again, all of you, for being with us today. Thank you.
Thank you, Chair.
Thank you.
Anyone else?
If there's no other further questions, can I get a motion to recommend approval of
these appointments and reappointments?
So moved by Alderman Espada. All in favor say, "Aye."
Aye.
All opposed say, "Nay."
In the opinion of the chair,
the
ayes have it. The due pass recommendations of the appointments and
reappointments will be reported out in the next city council meeting.
Appointees, congratulations on your confirmation and the
partnership with the City of Chicago, and we look forward to working with
you.
Thank you.
Thank you so much.
Thank you.
Item number 24 is the ordinance for the amendment of
Special ServiceArea of number
59-2022, 59th Street,
regarding an interim agreement with Greater
Southwest Development Corporation and
2026 tax levy.
We have been given a substitute ordinance at this
time, which has been shared with members in
the folder that was shared earlier this week.
The substitute ordinance will change the service provider from
Greater Southwest Development Corporation to Back of
the Yards Neighborhood Council.
Can I get a motion to accept the substitute?
So moved by Alderman Sedona.
All in favor say yay.
Any opposed say nay.
Nay. The
yays have it. Substitute has been
adopted. Mark Roschen, Assistant Commissioner for Department of
Planning Development is here to present, and can answer any
questions that you may have. Mr. Roschen.
Good morning. For the record, my name is Mark Roschen.
I'm one of the assistant commissioners at the Department of Planning and
Development. We oversee the SSA program.
The ordinance before you today for SSA 59, and the
subsequent one for SSA number 3,
are both to designate a service provider.
And these two SSAs were withheld
last fall and did not have a
service provider designated at that time.
We did offer a
RFP process to identify
a subsequent service provider. In the case of
SSA 59-2022, there were no
responses to that.
And for SSA 3, Greater Southwest
did provide an application, a
proposal, and we accepted it, and that is for
the next upcoming ordinance. As for 59, we've
worked closely with the alders throughout this process, through
the RFP process, through getting their input for
interim. And
in the case of the substitute ordinance,
it comes down to ward representation within SSA number 59.
It's represented by three alders in the 14th, 15th, and 16th
wards.
The
15th and 16th wards comprise about 75% of the
SSA, while the 14th has
about 25%.
And the majority of the alders support Back of the Yards
Neighborhood Council to be the interim service provider for the remainder of
2026, and thus the substitute ordinance
brought before you today.
The Department of Planning and Development has worked closely with both Greater
Southwest Development Corporation and Back of the Yards Neighborhood Council.
They are both very qualified organizations with a history of managing
SSAs over several decades.
But we are moving forward and recommend this
substitution to have the Back of the Yards Neighborhood Council be designated
as the service provider for the remainder of 2026 for SSA number
59-2022. Thank you.
Thank you, Commissioner.
Alderman Moseley has
joined us today. May I have a
motion to recommend
Alderman Moseley for quorum?
Waguespack.
I mean, yeah, Alderman
Waguespack
moved to accept Alderman Moseley.
Rule 59.
Join us today. Are you there, Alderman Moseley?
Present, Chair.
Thank you.
Do any committee members have any
questions for Commissioner...
Yep, Alderman Waguespack.
Just to reiterate, I think you had five aldermen
that were part of this issue a few months ago,
and they're all on board?
For SSA number 3 there are six alders, and for SSA 59 there are three
alders, only three alders.
Okay.
As long as they're all good with it, I guess-
In both-
Because I know there was a battle going on before about-
In both
SSAs, our recommendation is with the majority
of the alders-
Okay
... based on their representations.
Thank you. Thank you, Chairman.
Thank-
I don't know if, unless there's someone else.
Yeah. Thank you, Alderman Waguespack. Alderman Tabaris.
Thank you, Mr. Chairman. Can
DPD clarify, I know we are addressing the
SSA 59 right now. Is that correct? That is what we're addressing right now,
SSA 59?
Yes.
Now, you mentioned just briefly SSA 3.
Is that going to be in next month's committee, designating the Greater
Southwest to be
managing SSS 3? Did I hear that correctly?
That's the next item on the agenda.
Amazing.
Oh, it's on this agenda. Okay.
Can you clarify? I don't have that in front of me.
It's on the next item on the agenda.
Yes-
Okay
...Alderman Tabaris, yeah, it's the next item.
Okay. Thank you. Thank you. That's all I have.
So Alderman Tabaris,
if there's no other further questions,
Alderman Tabaris would like to move to...
So moves
Alderman TabarisSo
moved. To make a motion to recommend to approve the substitute
ordinance.
All in favor say, "Aye."
Aye.
Any opposed say, "Nay." And the ayes have it.
The due pass recommendation of this substitute ordinance will be reported out
at our next city council meeting.
Item number 25
is the ordinance
for the amendment of the Special Service Number 3, 63rd
Street, regarding interim service provider
agreement with Greater Southwest Development
Corporation and the 2026 tax levy.
Mark Roschen, Assistant Commissioner for Department of Planning and Development, is
here to present and answer any questions. Mr. Roschen.
Thank you. Again, my name is Mark Roschen, Assistant Commissioner at the Department
of Planning and Development.
This ordinance authorizes
the designation of Greater Southwest Development Corporation as the
permanent service provider for the remainder of 2026 for SSA
number 3 along 63rd Street. Again, this is a result of an
RFP process. They were selected through that and recommended by
the majority of the alders along 63rd Street.
Also to note that
SSA number 3 will be going through a reconstitution next year
as one of the four SSAs that currently have an open-ended
SSA.
So they will be going through a community
process to demonstrate the support
for the SSA number 3 moving forward.
Thank you. Start with Alderman Tabaras.
You have any questions for SSA number 3?
Thank you, Mr. Chairman. So how long is Greater Southwest going to
be managing this SSA 3 before they start the reconstitution
process?
This term is for the remainder of 2026.
In the next couple of months, their SSA 3 commission will be meeting to
recommend who they want for the service provider for 2027.
And that organization will be designated in the
2027 budget ordinance,
which will be in effect for 2027. These
designations are for one year at a time.
Okay, thank you.
Thank you. Any other
comments or questions from-
Anyone
... committee?
Anyone else on Zoom have any questions?
If there are
no further questions, can I get a motion to recommend approval of this ordinance?
Alderman Condorlib so moves. All in favor say, "Aye."
All in favor, nay. And the opinion of the chair has
the ayes have it. Due pass recommendation of this substitute
ordinance will be reported out at the next city council meeting.
Item number 26 on the agenda is the ordinance in support of
a Class
7B tax incentive for property at
2640
through 2646 West Madison.
Robert Bumpers, Financial Planning Analyst for Department of Planning
and Development is here to present and can answer any
questions. Mr. Bumpers.
Thank you, Chairman.
Go ahead, sir.
Thank you.
Chairman Curtis and members of the Committee on Economic Capital and Technology
Development. For the record, my name is Robert Bumpers, Financial Planning Analyst
in the Department of Planning and Development.
I'm here today to request your approval of an RDA
redevelopment agreement between the city and Axiom Flame LLC for the
purpose of authorizing an initial 7B property tax incentive.
This project will also be receiving an NOF grant.
The subject property is located at 2640, 2646
West Madison Street within the East Garfield community area in the 27th
Ward West Planning region. Alderman Burnett has provided a
letter of support for the tax incentive and for the NOF grant.
The property is located on West Madison Street between North Washtenaw
Avenue and North Pollock Street.
This is the exterior of the building in its current condition.
This is the interior of the building.
Please note the buckets or any type of receptacle you see on the floor is to
gather water. They have a roof problem.
The project team is led by Randall Brown.
He is the founder and CEO of Axiom Flame.
The team also includes general contractor TW Chicago
and architect ASIG Design.
The applicant is proposing to transform a vacant warehouse in the East Garfield
Park area into a state-of-the-art
content production studio, securing a permanent home for their business.
The expansion will increase production capacity, reduce
outsourcing costs, and introduce new revenue streams through studio rentals.
It will also create jobs for local creatives, support small
businesses, and provide accessible production space for independent
contractors and creators.
The total project cost is approximately $2.6 million, and the project
will be financed with a combination of equity, debt, and the NOF grant
of approximately $1.8 million.
The estimated tax abatement to the
applicant will be
$313,218 with
an NPV of $232,694.
The city share of that will be $72,181 with an
NPV of $53,624.
This is a rendering of the finished building.
As you can see, they're adding windows and sprucing up the brickwork
Mm-hmm.
Sorry. The city's investment will be protected by provisions in the
RDA. These will be occupancy and operation provisions.
Additionally, the developer must achieve the typical construction compliance
requirements for prevailing wage, MBE, WBE,
and city residency.
Overall, DPD is highly supportive of the proposed project.
The incentive will aid the community in a creation of jobs, activation of a
vacant building, increasing property taxes, and supporting new
ventures in the area. Thank you for your consideration of this request.
I'm joined today by Randall Brown of Axiom, and we're happy to answer any
questions you may have.
Thank you. I would love to hear from Mr. Brown. What's the vision, Mr.
Brown?
Yes. Thank you all, committee, for giving us time today, and the support
from the city.
I started this journey in 2018,
as a small business owner trying to really provide
a home for creatives in the city of Chicago.
We work in an industry that is driven by contract
work. There are very few stable, full-time
employed creatives in the city of Chicago.
All the people working on big TV commercials and such, they're all contractors,
and if you don't have a way in to that network, which is
typically passed down through generational relationships, you're out.
And when I started Axiom, I quickly started to see an opportunity for us
to change the model a little bit. Create something that was
sustainable, that had real jobs, and 401Ks for
workers, and all the things that a lot of professions take for
granted. Because my background before this was in corporate America, and
when I turned into the creative fields, and there's none of that.
There's none of the safety net. There's none of the ability to build a
true long-term future
for yourself. So that's where the genesis of what I'm trying to do now
with Axiom is. We've outgrown our current space.
Our current building is being converted, and we need a new home.
And that vision to scale is very much attainable for
us. But to get there, the startup capital to get there is
just immense, and that's where the support of the NOF grant, the 7B-
Mm-hmm
... ensures that this development is actually sustainable.
That we can get in the space, grow it, bring more creatives
in, and then hold it, and continue to
grow it for years to come. So thank you all for the consideration and support.
Thank you. Any questions from the committee?
Go ahead, Alderman Waguespack.
Thank you, Chairman.
Mr. Bumpers,
could you go back to...
I'm not sure which page that was. Third to last page, I think.
I don't know if that's your file.
The one with the, let's see.
With the breakdown.
Yeah.
Axiom budget.
That one.
No, one more.
One more.
This one?
Yes.
Okay.
So the NOF grant's going to cover basically
69% of the construction costs.
Yes.
And when it comes to occupancy,
to make sure they're in compliance, that has to be Axiom?
Yes.
That is? Okay.
Yes.
And then, right-
Five-year compliance.
Five-year? Yeah.
For occupancy and operations.
Okay. And then you don't own the space right now?
No, we own the building.
You do own it.
So we secured the purchase of the building, and we own title to the
property.
Okay. And who was the prior owner?
It was Frank Kreutzer. We're actually good buddies now.
Yeah, the original-
The actual original family. So they had it for three generations in their
family.
Okay.
And we are still in contact today.
And when was the last time it was worked on?
It was last occupied in 2023.
Okay.
All right. That's all I had. Thank you.
Thank you. Questions?
Alderman Lee.
Thank you, and good morning. What was the purchase price on the
property?
It was $765,000.
Thank you.
That was the only question I had. Thank you.
Mm-hmm.
I see that there.
Oh, that's the debt.
Mm-hmm.
I can't even read that.
Yeah.
It's hard to read on our screen.
Oh, no. It's all good.
It's great here.
Below the legend.
Completely distorted. You can't read anything.
Going to...
I don't know if I can-
Alderman, there you go. Does this one look better, Alderman Lee?
Oh, no.
Oh, very good.
That, yes.
No, he answered the question. I'm good. Thank you. Yeah.
It's so much nicer on your screen.
Was that it, Alderman Lee?
Thanks. Anyone on Zoom like to ask
any question?
Go ahead, Alderman Lee.
The number of jobs you think you're going to be able to create permanent here?
Yes.
We are conservative in our estimate, but we know that we'll at
least be able to create another 10 to 20 jobs over the
period of the total incentive.
I think it'll very much be a ramp, and that's been the thing we've been talking
about with DPD. Like the first couple years, we establish, hey, we
exist in this larger capacity, and then from there we grow.
And are there going to be...
You guys are content creators-
Mm-hmm
... right? So you're doing production work, you're doing editing.
Mm-hmm.
Are youDo they still build editing
bays?
Yeah.
How many of those are going to be in your facility?
We typically don't do structured editing bays anymore.
Okay.
So we will have what we call a client lounge.
Uh-huh.
Where clients come in, they see their edits, and then we kind of have a
decentralized editing setup, so every
person at Axiom, for example, can edit. Okay?
So the entire-
If you have a laptop, you can edit, right?
Exactly.
So.
That's where we've moved to.
Okay.
But we have a client lounge where they'll come in for the edit, and then the
entire facility is networked. So we can bring you in and say, "Oh,
have a seat on the couch in here," and show you your edit and go through it, get
your feedback, and move from there.
Yeah, I just wasn't sure. I know you want to grow your business here, right?
Yes.
You've outgrown your current space.
This one presumably has room for you to grow, and-
Yes
... in the meantime, I wasn't sure if you were going to rent space out to other
content creators as well.
Oh, that is an option as well. So we want to have a program, because that's the
other barrier for other content creators, is studio access
and the insurance requirements that you have to have.
So there's studios in Chicago, but if you don't come with a $5 to $10 million
commercial policy, you can't rent, and small creators can't do that.
So, we will offer that as an opportunity to come rent our
space, to rent digital workstations.
We have a workforce development program, we're calling it The Grove,
where we really hope to bring in, not hope, but we will bring in
local and community members to train them in production.
We're always-
That was going to be my next question.
Exactly.
So that's great to hear.
Yes. So we want to create a bigger workforce of people who
don't traditionally get the same access to opportunity.
This is a field that if you don't have the resources to invest
your first five years of your career, you don't make it.
And think about every other industry.
When you start, your first five years, your employer's training you.
Mm-hmm.
You're getting paid to be trained. You're building your skill set.
You're developing. In the creative industry, if you don't have the financial
backing,
you're just kind of SOL. You're not going to make it.
And so there's a natural disproportionate impact to those
who don't have that type of legacy resources to support
them in the industry. And we hope to close that gap with The Grove.
Excellent.
Because that's something, because we're full time, we have downtime that
we can turn into training and development for others.
Great. Well, that's it for my questions.
Yeah.
Thank you very much.
Absolutely. Thank you all.
Thanks. Any more questions online?
Okay.
Let me get...
We have
Alderman Gutierrez recommend move to pass this item.
All in favor say, "Ay."
Ay.
Any opposed say, "Nay."
Any opinion, the chair and the ays have it.
This do pass recommendation
of this ordinance will be reported out in the next city council meeting.
Thank you so much.
Thank you all.
Thank you.
Item number 27. Yeah, that is awesome.
Item number 27 on the agenda is a
resolution.
So this, am I reading this out?
Yeah, you are.
Is a resolution and the expression of support
for US partnership with Taiwan and the
formalized trade and tourism office.
Can I just get a motion to defer this
item?
Alderman Waguespack moves to defer.
All in favor say, "Ay."
Any opposed say, "Nay." Any opinion, the chair, the ays have it.
This item will be deferred.
Since there's no further business,
may I have a motion to join
this
committee by saying roll call vote, glad to
determine quorum.
So moved by Alderman Lee. Hearing no objection, so ordered.
The Committee
on Economic Capital Technology and Development
is now joined. Thank you.