Sixty-sixth amending agreement with SomerCor 504, Inc. to increase funding to select tax increment financing (TIF) redevelopment project areas, amend Small Business Improvement Fund (SBIF) program rules and retain SomerCor 504, Inc. as provider of administrative services
- Record number: SO2026-0028810
- Type: Ordinance; category: Finance Funds
- Status: In Committee
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Submitted Date: Sep 23, 2026
- Introduction Date: Sep 23, 2026
- Official record: Office of the City Clerk
Impact report
Written by AI from the official document. AI can make mistakes; the official document always wins.
The City would expand the Small Business Improvement Fund grant program to new TIF areas, add funding to 32 existing TIF areas, update the program rules, and keep SomerCor 504, Inc. as the program's administrator.
Who it affects
- Small businesses in the Cortland and Chicago River, Lake Calumet, and North Pullman TIF areas: They could become eligible for Small Business Improvement Fund grants to improve their commercial or industrial buildings.
- Small businesses in 32 TIF areas already in the program: More grant money would be made available in their areas.
- Small business applicants citywide in the program: They would follow updated program rules and application procedures.
- SomerCor 504, Inc.: This nonprofit would keep running the program's administrative services under the Department of Planning and Development's supervision.
- Department of Planning and Development: It would be allowed to fund the program in the new areas and sign the amended agreement with SomerCor.
What changes
- Small businesses in three more TIF areas could apply for building improvement grants.
- More grant money would be available in 32 TIF areas already in the program.
- Program rules and application intake and processing steps would be updated.
- SomerCor 504, Inc. would continue to handle the program's administration.
Money
- Funding for the grants would come from incremental taxes from the listed TIF redevelopment project areas, or other legally available City funds, and would go to small businesses through the program. The specific dollar amounts are not stated in the text provided.
Where: Cortland and Chicago River redevelopment project area; Lake Calumet redevelopment project area; North Pullman redevelopment project area
When: On the date the ordinance is passed and approved.