Economic Development

14 Mar Economic Development

Economic Development blog
Business is growing expeditiously here in Chicago, Illinois. Talking about economic
empowerment on the West and South sides of Chicago raises questions about race and
ethnicity. In Chicago’s Loop area you don’t hear talk of empowerment that isn’t the language in
the UpTown neighborhood. But, when it comes to the South and West sides of Chicago we hear
community-based organizations say residents need to under- stand economic empowerment.
Let’s keep it 100, its socio-economic empowerment we should be talking about. It’s a small
population in the black communi- ty that understands economic development? Those who know
communicate regularly, keeping the opportunities amongst themselves. For example, the
Neighborhood Stabilization Program has three phases at approximately 56 million each phase

(https://www.cityofchicago.org/city/en/depts/dcd/sup-
p_info/neighborhood_stabilizationprogram.html). Neighbor- hoods on Chicago’s south and west

side need a Communica- tion strategy. There is a social theory called Counterfeit Community.
It’s where a special interest group works to create advocacy for community engagement, which
informs resi- dents on ways to engage, but works on behalf of special in- terests.
Economic empowerment comes in many different forms in urban neighborhoods across
Chicago. If you look at economic empowerment in neighborhoods like Roseland, Englewood, or
West Garfield Park, it would come from an institutional per- spective. These communities must
place some form of value on economic equality. Around 35% of contracts in
disenfranchised areas are to set aside for certified MBE, WBE, DBE, and BEPD vendors. The
new mayor of the city of Chicago will have an opportunity to draft and implement the

Consolidated Plan and 2020 Action Plan (https://www.cityofchicago.org/con-
tent/dam/city/depts/obm/general/ Final%20for%20Posting%20with%20Appendix.pdf). Our local

representatives have a role to play as well. Aldermen can economically empower their
constituents through the city coun- cil’s Participatory Budget Program
(http://www.pbchicago.org).
To be able to talk about economic growth in urban settings, I need multiple viewpoints. So, I
interviewed a few experts from the development industry and Dr. Lloyd Brown, former Texas
A&M University professor in the Department of Finance. Each of these individuals had different
perspectives, but one con- necting goal and that’s to advocate for financial literacy among
people living, working, and worshipping in disenfranchised areas.
My first interview was with Mike Altheimer of MIRO Development. He suggested developers
invest in larger projects to be able to employ more community members. Mike suggests there
might be a budget gap between the north side and downtown and South and Westside
development. I compared this gap to America’s wealth and education gap. He also stated to me
if we worked together in our respected field of expertise, training, and outreach would transfer
into economic growth and empowerment. If more Black developers looked at economic
empowerment like MIRO (https://www.mirodevel- opment.com), maybe youth unemployment
and violence wouldn’t be so rapid in Chicago.
Lloyd Brown gave some theoretical factors connected to eco-nomic empowerment or the lack
thereof. Dr. Brown used a term called “economic multiples”—how many times does money turn
over in an urban area’s economy. Stores buy inventory from all over the world. The

empowerment comes when the administration creates an environment conducive to jobs and
entrepreneurship. He concluded that “big box stores operate against economic empowerment.”
Melvin Thompson, executive director of Endeleo Institute, said a vibrant community is only
vibrant if it’s healthy. He looks at economic empowerment from a public health perspective and
is touted as a prevention strategy that recognizes hospitals as large employers and leaders of

community initiatives (https://www.chicagobusiness.com/health-care/big-hospitals-
pledge-hire-buy-local). Recently, Sen. Dick Durbin released an action plan to reduce violence

and improve health in 18 Chicago neighborhoods. Mr. Thompson and I are currently working on
an economic empowerment project along the 95th Street corridor on Chicago’s Southside
In closing, I would like the readers to understand black eco- nomic empowerment is life or death
to our culture. Leadership with a didactic community development focus will empower
communities with high levels of disinvestment. Former President Barack Obama used Saul
Alinsky’s organizing model for individual sustainability. We have to find a way to fight for ou
cultural identity and quality of life.