Updated
Updated · POLITICO · Aug 10
Chicago Treasurer Urges Dissolving $57 Million Catalyst Fund, Returning Cash to City Budget
Updated
Updated · POLITICO · Aug 10

Chicago Treasurer Urges Dissolving $57 Million Catalyst Fund, Returning Cash to City Budget

1 articles · Updated · POLITICO · Aug 10

Summary

  • Melissa Conyears-Ervin is pressing the City Council to dissolve the Chicago Community Catalyst Fund and move its more than $57 million back into the city’s corporate fund.
  • The treasurer says the 2016 fund failed its core mission of drawing private investment into underserved neighborhoods, with no private investors contributing since it was created.
  • Conyears-Ervin also argues the fund is no longer functioning as a lending tool: it has no active loans, and its money has been parked in a money market account since the loan portfolio was repaid.
  • The push comes as Chicago officials prepare for difficult budget decisions, potentially turning an idle development pool into general city operating cash.

Insights

How did a grassroots movement overcome a massive financial disadvantage to capture the attention of Midwest voters?