The Daley administration has agreed to float $6 million in bondsto finance a new Boys & Girls Club in Logan Square and renovate sevenother clubs across the city.
The surprise decision to use the city's tax-exempt status tobenefit one of the largest nonprofit organizations serving childrenand young people is expected to save the Boys & Girls Clubs $3million over the next 20 years.
The savings will make it possible for the organization to demolisha 20,000-square-foot Boys & Girls Club at 3228 W. Palmer in LoganSquare and replace it with a facility nearly twice as big.
Seven other clubs are in line for improvements, including newroofs, boilers and air-conditioning systems. They are at 1207 W.Taylor; 2801 S. Ridgeway; 4835 N. Sheridan Rd.; 3400 S. Emerald; 2950W. 25th; 2950 W. Washington, and 2628 W. Cermak.
The 28 Boys & Girls Clubs in Chicago employ 452 people and serve40,000 young people and families. The capital improvement plan willcreate 386 more jobs.
"Without the city's assistance in floating the bonds, it would beextremely difficult for the organization to accomplish this," saidRobert Hassin, president and CEO of the Boys & Girls Clubs ofChicago.
The new facility in Logan Square will be called the Renee CrownBoys & Girls Club and Family Life Center in honor of theorganization's longtime board member and benefactor.
It's expected to offer an array of services, including day care,health services, alternative school and expanded after-schoolprograms.
The tax-exempt bonds will also be used to help a major fund-raising effort, to be known as the Centennial Campaign. The Boys &Girls Clubs hopes to raise as much as $70 million to finance capitalexpenses, underwrite programming and develop an endowment, Hassinsaid.
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