Illinois Business Journal Illinois Business Journal
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SLU waits for $8 million buyer as Parks marks six-year vacancy
By KERRY L. SMITH
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   CAHOKIA - Due to differing views on market price, reuse and community revitalization, a 113-acre tract known as the former Parks College remains empty six years running.
   The utilities are still on and the grounds are still being maintained at what once housed St. Louis University's Parks Aeronautical College, but the $8 million price being sought by SLU's president, the Rev. Lawrence Biondi, does not yet have any takers.
   Cushman & Wakefield broker Dennis DeSantis said his firm, which has been representing the property for about a year, is being encouraged by SLU to broaden its marketing [continue]

 SLU waits for $8 million buyer as Parks marks six-year vacancy
St. Louis University has four interested buyers for the former Parks College property, located on 113 acres in Cahokia. The facility has stood vacant since SLU moved its aviation program back to the main campus six years ago. SLU has priced the property at $8 million.
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East St. Louis' Emerson Park neighborhood lands second housing development

East St. Louis Emerson Park neighborhood lands second housing development
The Emerson Park neighborhood is preparing to welcome its second affordable housing community. A Chicago-based developer expects to complete the first portion of the 84-unit complex by mid 2005.		 By ALAN J. ORTBALS

   EAST ST. LOUIS - A new housing development will rise out of an empty field in the Emerson Park neighborhood of East St. Louis when Central City Apartments begins construction later this summer.
   Upon completion, the project will consist of 84 apartments built as duplexes and triplexes. Development costs will total approximately $13.5 million.
   The project will be developed by Chicago-based East Lake Management & Development Corp. [continue]

Private brownfields developers unaware of 3-year-old, $3 million grant program
By KERRY L. SMITH

   A total of $3 million in state grant dollars still sits waiting to be used by private, nonmunicipal brownfields developers; since the program was converted from a loans-only initiative in 2001, not a single developer has applied for any portion of the money, according to Illinois Environmental Protection Agency Director Renee Cipriano.
   Created via an amendment to the Illinois Environmental Protection Act, Section 58-15b, the Brownfields Site Restoration Program offers private developers a chance to apply directly to the state for up to $750,000 per site in state grant money, without having to go through the municipality in which the site is located.
   In Illinois' budget deficit environment, the information that this money is still available statewide comes as good news to developers across Southwestern Illinois. But the fact that the grant program has had no takers in nearly three years, several area developers say, is because they knew nothing about it.
   "It's great to know there is a state grant program available to the private sector," said Karl Ruhmann, director of environmental services for SCI Engineering Inc. "When it comes to a deal happening, time is crucial. The fact that the state of Illinois is offering developers the opportunity to apply directly to the state for funding, rather than needing to allow extra time to apply through the municipality, is welcome news. I had no idea such a program existed."
   Matt Robinson, senior vice president for Environmental Operations Inc., is aware of the state grant program because he helped create it, supporting legislation [continue]