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.