MAYOR’S PRESS OFFICE

CITY OF CHICAGO

City Club [AS PREPARED]

April 19, 2022

Introduction
• Thank you, Bob (Clark), for that generous
introduction.

• Bob, as you heard, is freshly back in Chicago after

representing the U.S. in Dubai for President Biden
at a world expo.

• In addition to being a great partner to the federal

government, Bob is also a great partner to the City
of Chicago.

• He is a dedicated, civic and business leader who has

committed his life’s work to strengthening
communities here in Chicago and elsewhere—
having long been an advocate for greater diversity
throughout companies’ workforces and boardrooms
and creating more opportunities for minority and
women-owned businesses.

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• So, thank you, Bob.

• Ladies and gentlemen, I’m pleased to be here to

make a very important announcement.

• An announcement that speaks to the present and

future of our beloved City.

• But, I will keep you in suspense for a moment as I

set the stage.

• Back in April 2020, I began to worry about how our

city would recover from the greatest public health
challenge of our lifetime.

• Not just the pandemic, but the related economic

recession that was just coming into view as a result
the compelled, shutdown of sectors of our economy
in order to save lives.

• So, in April 2020, I brought our team together and

began to sketch out what an equitable and inclusive
recovery would look like.

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• In order to develop a comprehensive plan, we

brought together business, labor, and civic leaders
in a Recovery Task Force led by Sam Skinner, an
accomplished lawyer, former White House Chief of
Staff, and Transportation Secretary.

• The result was the first of its kind, comprehensive

COVID-19 recovery plan in the nation and became a
model for other cities across the county to follow.

• And we have been executing that plan with fidelity.

• Fundamentally, we knew that given Chicago has the

most diverse economy in the nation, we needed to
lean into our core strengths—notably,
manufacturing, transportation, distribution and
logistics, life sciences, food and agriculture, and
technology.

• We also understood that in a time of economic

difficulty, government should act as a stimulus. And
that we have.

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• And another important tenet of our economic

recovery has been that good social policy is good
economic policy—meaning that we had to be
intentional about creating economic opportunity for
those who had not only been relegated to the
margins of our economy, but our civic life.

• As a result of our intensive focus and businesses

having great confidence in Chicago, we are poised to
have the best economic recovery of any big city in
the country.

• And let me share why I know this to be true. Let’s

look at some data from 2021.

Economic Recovery

2021
• When compared to New York City, Los Angeles,
and Houston, throughout the pandemic, Chicago
maintained the lowest unemployment rate—ending
last year at 4.3 percent, which is lower than the
other cities.

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• We had $9.7 billion in growth capital, including

nearly $7 billion in venture capital, which is double
that of 2020.

• What this clearly shows is investors have confidence

in our businesses and economy.

• By the way, the venture capital number was bigger

than Seattle and moved Chicago into #4 in the
nation.

• In 2021 alone, 173 companies made pro-Chicago

decisions. That means companies relocated to
Chicago from other places in the country or
substantially expanded their footprint in Chicago.

• Let me break those numbers down a bit.

• 73 were either completely new to the market or had

chosen to move here from elsewhere.

• That’s companies like Kimberly Clark that creates

every conceivable kind of paper product like toilet
paper, disposable diapers, tissues, feminine hygiene
products, just to name a few.
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• Or internet sensations like Cameo, the celebrity

video messaging platform.

• And Talis Biomedical, which is delivering diagnostic

testing and innovation to combat the spread of
infectious disease and has announced a nearly
30,000 sq. ft. space at Fulton Labs that will be used
as an advanced lab for Talis to continue to innovate.

• Another 100 of those companies already had a

presence in Chicago and chose to continue
expanding that presence.

• This included companies like CoinFlip, a crypto

ATM company . . .

• VidMob, a digital marketing solution . . .

• Tegus, a primary research company that relocated

from San Francisco to Chicago with five employees
and has now grown its workforce to over 200 . . .

• And Uber Freight.

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• Furthermore, 38 of those 173 decisions were made

on our South or West Sides, with 27 being
expansions, 10 being new market entrants, and one
being a relocation.

• We also minted a record-breaking 12 unicorns, or

companies valued at $1 billion.

• And those unicorns arose in diverse industries from

financial services to food products, software,
logistics, and media and information services.
Another testament to the strength and diversity of
our economy.

• Those 12 unicorns from 2021 were more than Seattle

or Austin, and brings our total up to 23.

• This is a big deal, folks.

• And let me brag for a moment about our food and

agriculture businesses.

• Five years or so ago, we had about 80 food and ag

businesses in Chicago.

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• We now have over 400 food and ag businesses,

making Chicago the food and ag capital of the
United States for innovation, manufacturing,
agribusiness, and ag tech.

• In fact, next month, through World Business

Chicago, we will be holding the City’s first ever food
innovation conference called the Chicago Venture
Summit: Future-of-Food 2022—helping to further
solidify this reputation.

• Additionally, one of the 12 unicorns we minted last

year was Nature’s Fynd, which is a revolutionary
company in the food and agriculture space that’s
growing its own unique meat alternative right in the
historic Union Stockyards on the Southwest Side,
which was once the epicenter of the 20th century
meatpacking industry.

• I have to give it to their CEO Thomas Jonas and his

team of biochemists, engineers, and other team
members who believe amazing foods can both
nourish people and nurture the planet . . .

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• And have proven that you don’t have to move

outside of Chicago to land a lucrative career in
STEM.

• We are excited to see how Nature’s Fynd and other

companies create incredibly innovative careers right
here in Chicago.

• A few other notable data points to round out 2021:

o Chicago O’Hare airport became the nation’s # 1
port by trade value in the fourth quarter of
2021.
o More businesses renewed their licenses in 2021
than pre-pandemic—81 percent versus 76.4
percent in 2019.
o Retail traffic is up in Chicago and retail rents
went up in 2021, where NYC and LA saw
decreases.
o Chicagoland was the number one region in the
country for construction job growth. Number
one in the nation. Here again, our peer cities like
NYC and Houston, for example, saw decreases
in 2021 for construction job growth.

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o And there was $2.7 billion in downtown

construction projects permitted in 2021. Yes,
that’s billion with a B.

• There is a reason why Chicago has been the #1 city

in North America for foreign direct investment for
eight years in a row.

• And the same reason that Conde Nast names

Chicago the best Big City in the country for an
unprecedented 5th year in a row;

• And why in a 2021 Time Out Index Survey, Chicago

was named the most beautiful big city in North
America.

• Here’s a quick pop survey: How many of you knew

most of these positive economic milestones from
2021?

• And for those of you who never heard of these

important data points that shows the incredible
strength of our economy, ask yourselves: why not?

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• Why are you not hearing about the core strengths of

the Chicago economy that set us apart from every
other city in the country and demonstrate that we
are better poised than most to come back stronger
than ever?

• Well, now you know, so spread the word.

2022
• Now, let’s look at some facts from 2022.

• The latest data shows that we are successfully

building on 2021’s momentum.

• Chicago’s unemployment rate as of February 2022

is at 4.9 percent, which is still lower than NYC’s,
and Houston’s, and tied with LA.

• Already this year, 57 companies have made pro-

Chicago decisions thus far with 29 relocations and
28 expansions.

• 10 of these decisions have been made on either the

South or West Side, with five being expansions and
the other five being new market entrants.
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• I am also happy to report that our building permit

revenues are up year over year from 2021—up nine
percent over 2021, and at 91.9 percent of pre-
pandemic, 2019 rates.

• We are also seeing continued growth in our central

business district as well, which remains core to our
city’s economy.

• For example, we kicked off the year with an office

occupancy growth rate of 13.2 percent—a rate that
is higher than any other major metro area outside of
the Dallas, Houston, Austin metro area.

• Pedestrian counts, which measure the volume and

direction of pedestrian traffic, on State Street were
also strong and at a record recovery rate of 93.5
percent of 2019 levels.

• This recovery rate is nearly double the one that was

set in 2021 and is a strong indication that our city is
continuing to bounce back.

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• We are excited to deepen this success by continuing

to activate the commercial corridors on the
Magnificent Mile and State Street.

• “Meet Me on the Mile” and “Sundays on State” are

two initiatives we launched last year to bring
residents and visitors alike back to our downtown.

• Portions of both streets were closed for public

performances, retail, and other entertainment.

• In both instances, foot traffic approached 2019 levels

...

And businesses along both streets were able to enjoy

an uptick in sales.

• We’re excited to bring these events back this

summer . . .

• As well as welcome new businesses into office spaces

throughout the Loop.

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• On top of this, we are working with folks on the

State Street corridor and separately, LaSalle Street
and the Mag Mile, to reimagine and build for the
future of those iconic Loop streets.

• We are also working hard to make sure that our

central business district remains vibrant as the
nature of work transitions.

• Furthermore, in the first quarter of 2022, Chicago

hosted 125 hotel and convention center meetings—
representing over $339 million in economic impact
to the City and 220,000 room nights.

• For the rest of this year, we currently have 345

major events planned, which represent over $2
billion in economic impact, 1.4 million room nights,
and over one million meeting delegates.

• And if you came downtown for St. Patrick’s Day

festivities, you know that our residents are ready to
come back together and just have fun.

• Tens of thousands came downtown for the river

dyeing, the parade, and other events.
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• Some downtown business owners I talked with

shared that they had better business that weekend
than pre-pandemic.

• Just wait until Memorial Day weekend and the

summer.

• I mentioned at the outset that good social policy is

also good economic policy.

• And as a City government, we have been doing

everything possible to strengthen our economic base,
get people back to work, and continue to expand
population in our city and do it all with a continued,
intentional focus on equity and inclusion.

• Here’s some examples of what I mean:

• I have to start with INVEST South/West, my

Administration’s signature economic development
initiatives.

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• At our two-year mark, INVEST South/West has

channeled $1.4 billion in investments into 10
underserved communities over the past two years
thanks to public and private sector partnership.

• We are in neighborhoods like Austin, North

Lawndale, Englewood, South Shore, West
Humboldt Park, Roseland, and others to work with
community to breathe new life into the commercial
corridors, which are the front doors of those
communities.

• We have insisted that the RFP development teams

reflect the diversity of the neighborhoods in which
they will be working, and they do.

• And in addition to the $1.4 billion in investments,

the 11 specific RFP projects plan to create more
than 2,000 jobs during construction and an
estimated 1,000 permanent jobs.

• This is on top of the thousands of jobs created

through more than 300 public works projects that
the City has completed in INVEST South/West
neighborhoods over the past two and a half years . . .
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• As well as jobs created through private sector-led

investments, some of which I will be sharing shortly.

• We would be thrilled to have you or your company

sign onto INVEST South/West in growing your
business while simultaneously serving communities
in need.

• We are not finished yet.

• We have also worked very hard over these last four

years to help working class individuals and families
which freed them up to be productive members of
the economy.

• When I came into office, Chicago had an infamous

distinction in being a leader in people filing for
bankruptcy protection because of debt owed to the
City.

• City government was literally crushing people with

fines and fees that forced them into bankruptcy,
took their cars, driving privileges, shut off their
water—all of which, in many instances, forced them
out of the job market.
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• We needed to end those regressive practices and we

have.

• Through our fines and fees reforms, we have

stopped random vehicle impoundments, ended all
debt-based driver’s license suspensions for non-
moving violations, and more.
o As a result, we have forgiven $11 million in city
sticker debt; and
o $129 million in vehicle storage fees.

• We have also ended the inhumane practice of

shutting people off from water service if they fell
behind in their bills.

• In 2021, we started the Utility Billing Relief

program administered through CEDA, which allows
residents with water debt to enter into a custom
repayment plan that fits their budgets, and if they
consistently pay for one year, all prior debt is wiped
away.
o To date, 18,000 residents have been served; and
o $9 million in debt has been forgiven to date.
That’s an average of $1,000 per household; and

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o 93 percent of those on the payment plan have

successfully completed it.

• Another important initiative that we implemented at

the height of the pandemic that saved businesses and
jobs was our Small Business Resiliency Fund—a
$100 million loan program we began in 2020 at the
height of the pandemic.

• We knew we had to reach those small businesses

that would not qualify for the federal PPP program,
which in Chicago, were a lot of small businesses that
were unbanked.

• At the time, the Small Business Resiliency Fund was

the largest in the country, larger than New York and
San Francisco combined.

• It tripled the amount of small business lending in

Chicago from pre-Covid levels and was structured
in a way to recycle that increased lending in
perpetuity.

• 59 percent were first-time borrowers.

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• 66 percent could not have found an alternative to

the Fund.

• 61 percent said they were able to save jobs because

of the loan—which resulted in nearly 9,000 jobs
saved (8,838).

• One in five businesses were saved as a result of the

loan fund. This shakes out to 348 businesses.

• 44 percent were African American and Latino, and

57 percent were all minority.

• And to underscore the impact of this Fund, keep in

mind that approximately 50 percent of employment
in Chicago comes from small businesses.
Improved 2021 Revenues

• Because of the exceptional economic progress we

saw in 2021, at this point, the City expects that 2021
year-end revenues will be at least $200 million better
than budget, which will support the already
improving financial performance we saw in 2021.

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• You might recall that we faced the largest,

pandemic-induced budget gap in the City's history
in 2020.

• Despite these challenges, the City has cleared away a

number of financial ticking time bombs that were
kicked down the road, such as climbing the $1
billion pension ramp, climbing the mountain of debt
created by the end of scoop and toss, and paying the
largest police retro in the City's history.

• All of this happened in the midst of a pandemic.

• As a result of our hard work, we saw a significantly

reduced budget gap in 2022 and expect that to
continue for 2023—our target for achieving
structural balance.

• This is phenomenal progress from where our city

was in March 2020 . . .

• And some of that success is certainly attributable to

folks in this room.

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• There is a narrative out there that the City is headed

in the wrong direction.

• That noise is completely belied by these objective

data points, which show a very robust economy that
is creating jobs and opportunity because of the hard
work of our incredible entrepreneurs and
innovators and other creatives.

• And because in my Administration, we want to

unleash the economic prowess of our city by being
great partners with our businesses, and to lead by
example by making targeted, catalytic investments
to bring prosperity to every Chicago neighborhood.

• While we absolutely have more hard work to do,

don’t let anyone tell you anything other than we are
absolutely leading the nation among big cities in
positive economic growth.

• That is simply a fact.

• Despite the naysayers and the sceptics, the truth is

we have a lot to be proud of in Chicago.

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• And as Mayor, I will continue to be the cheerleader

in chief about the greatness of this city.

• And that brings me to another important

announcement.

Harvest Yards Announcement

• I am excited to announce that Harvest Food Group,

a manufacturing company that specializes in frozen
fruit, vegetables, entrees, and other foods, will be
joining Nature’s Fynd as their newest neighbor by
relocating to the Union Stockyards.

• The $60 million development will transform an eight

acre, abandoned industrial site into a modern
manufacturing facility that will serve as Harvest
Food Group’s new home . . .

• As well as result in the retention of 200 jobs and the

creation of another 50.

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• The development, as planned, has all the elements of

a truly beneficial public-private partnership: private
investment, environmental reclamation, access to
quality jobs, and a focus on helping Chicago-grown
companies not just stay, but thrive in our city.

• It will also be built with the surrounding community

in mind, as the developers made façade design
choices that will aesthetically align with its
residential neighbors . . .

• Solicited design input from both stakeholders and

community members . . .

• And have committed to maintaining the adjacent,

open green spaces for residential neighbors and
employees alike to enjoy with community-driven art
opportunities.

• For those who may not know, this year marks the
20th anniversary of the City owning the Union
Stockyards site.

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• Before my administration, the site remained

dormant—an empty space within a vibrant
community.

• Now, thanks to the investments of Nature’s Fynd

and Harvest Food Group, we are breathing life back
into it.

• I want to give a special thank you to Harvest Food

Group, and in particular its CEO Jason Eckert for
choosing to stay not only in Chicago, but on the
South Side.

• Their team had a lot of offers from other out-of-

state locations . . .

• But at the end of the day, they chose to stay in our

city because they wanted to retain their workers and
continue contributing to the surrounding
community.

• I also want to thank Alderman Cardenas, who has

been a huge advocate for this project and deeply
influential in making it a reality.

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Public-Private Partnership

The Harvest Food Group relocation is also on the

Back of the Yards corridor for INVEST South/West.
It is this kind of commitment that is literally
changing the landscape of our historically
disinvested in neighborhoods.

• Whether Joe Mansueto, CEO of Mansueto Office

who heeded my call for investments on the south
and west sides and made a transformative
investment in The Terminal in West Humboldt
Park, which we broke ground on in November 2020.

• The Terminal will redevelop industrial loft and

warehouse space into a 240,000 square foot creative
office campus with incubator spaces carved out for
businesses and communities.

• Once completed, it will house between 700 to 800

employees. And the Terminal has already attracted
its first tenet, EeroQ, a quantum computing start
up.

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• Maurice Smith, CEO of the Health Care Service

Corporation or HCSC made a pro-Chicago decision
back in August 2020.

• At the time, I joined him and his team to cut the

ribbon to BlueCross BlueShield’s new, Blue Door
Neighborhood Center in Morgan Park.

• The center transformed an abandoned retail store

into a vast employee workspace and created 550 job
opportunities—almost 70 percent of which went to
local residents . . .

• And helped to address a chronic lack of access to

high-quality health and wellness resources on the
Far South Side.

• I also have to highlight the investment decision by

Discover Financial which also took advantage of a
different abandoned retail space in Chatham.

• Discover’s CEO, Roger Hochschild, decided to

locate a new $30 million call center in Chicago,
instead of elsewhere to help support an under
invested in neighborhood.
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• Because of that commitment, the Chatham call

center, which pays great salaries and benefits, is now
the number one call center in the Discover system,
with 85% of their employees living locally within a
five-mile radius of the Center.

• They received more than 12,000 applications for

their first 250 hires, and plan to have 500 employees
onsite by the end of this year, and 1,000 by the end
of 2024.

• And Dave Casper, the President of BMO Harris

Bank and his team always answer the call when
asked.

• These are just a few examples of the incredible civic

leaders that we have in Chicago – people who are
unapologetic champions of our city, and are
continually showing their commitment to Chicago
through their business and philanthropic acts.

• To be sure, we have more work to do. No one, least

of all me, is doing a victory lap. Our challenges,
particularly around public safety are real,
complicated, and decades in the making.
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• And we are making progress on public safety—year

over year, homicides are down and shootings are
down. But not enough yet.

• My point, however, is we have a lot to be proud of in

this City we call home.

• Our future is very bright, and we must reclaim our

narrative.

• There is a reason why our economy is booming.

• The strengths of who we are and what we can

become when we see everyone, in every
neighborhood, work together as neighbors with a
shared destiny.

• That is how we all thrive, together and maintain our

rightful status as a great global city that continues to
be the envy of other peer cities across the globe.

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Conclusion

• As the great Muhammad Ali once said, “you don’t

lose if you get knocked down. You lose if you stay
down.”

• Chicago has always been a resilient city.

• Every time we’ve been knocked down, we’ve gotten

right back up to keep up the good fight to protect
and uplift our residents.

• We are the City that works, particularly when we

work together.

• Thank you all for continuing to choose Chicago and

the people that call it home.

• Oh, and for those of you who came today expecting

a different announcement—sorry, not today, but
soon. Be patient.

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