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Vallas Releases Economic Development Plan Designed to Lift Every Community

Candidate Outlines Approach in City Club Speech

Mayoral candidate Paul Vallas outlined his Economic Development plan at a speech today at the City Club. Designed to rebuild disadvantaged communities within the city, Vallas’ plan consists of five major planks that collectively would lay the foundation for sustainability and growth.

Vallas’ full Economic Development plan can be found here:

“For far too long, too little of government has been devoted to holistic and inclusive community development that brings opportunity to the historically disadvantaged and neglected, and as Mayor I will change that course,” said Vallas. “Alongside our key goals of reducing crime and improving public schools, our economic development plan will deliver more opportunity to our city and our residents, helping move Chicago out of the current crisis created by failed leadership and into a brighter future. Our plan isn't about the same old transactional redistribution of wealth, it is about reactivating the wealth within communities and putting it to work for all Chicagoans.”

Highlights of the Vallas Economic Development plan include:

  • Creating an independent Community Development Authority (CDA) that will operate free from City Hall politics and aldermanic privilege.

  • Establishing a Fair Share Investment Trust to hold and reinvest both public and private monies for second and third generation (re)investment.

  • Implementing a strategy to reclaim and repurpose vacant & idle property across the city’s South and West Sides to support their development into locally owned performing assets like affordable housing.

  • Recognizing that economic development must be supported by an ecosystem of wellness and framework of well-being, by ensuring that all new developments must include an agreement that takes into account cumulative environmental impact and commits funds to social service infrastructure.

  • Elevating and empowering citizens returning from incarceration into full and productive economic and community participation and standing through a blend of alternative educational, workforce development, and prioritization of community development project contractors and vendors who employ returning citizens.

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