Studio Movie Grill launches remodeled Chatham theater

Early concept of SMG Chatham

The concept you see above have come slowly, but has finally become reality according to this press release from Studio Movie Grill regarding our local movie house. And also this ig post we shared around Oscar time.

SMGChathamEconomicImpactReleaseFINAL B by Levois on Scribd

Capitol Fax: Yet another failure

10001 South Woodlawn Ave

This "failure" is located at the south side's Olive Harvey College located east of the Bishop Ford - formerly Calumet Expressway - on 103rd Street. OHC was supposed to be home to a "Transportation, Distribution and Logistics Center". Another job training program provided by the City Colleges of Chicago.

Unfortunately we've learned - especially if you've read this recent post over at CapFax or indeed the Tribune article linked within the post - the program has stalled. The City of Chicago, City Colleges, and also State of Illinois aren't able to come up with funds to finish this project.

Plus when this project was started it was before the transition from Governor Pat Quinn to Governor Bruce Rauner. And if you've been reading CapFax for the past two years we know there has been something of a serious budget stalemate.

Crain's: Seaway Bank buyer rolls dice on African-American acceptance

Seaway Bank which has a branch located near 111th/Michigan failed on January 27, 2017. The assets of the bank were purchased by the Indian-American owned State Bank of Texas. Most of anything written about this shocking development was posted to sixthward.us. The below post is crossposted to sixthward.us!

www.seawaybank.us

It's almost been two weeks since the formerly Black-owned Seaway Bank was purchased by the Dallas, TX based State Bank of Texas which is owned by an Indian-American family. We already know that the Seaway name will be retained primarily in an effort to maintain some of the predominantly Black customers.

What does the "bank black" movement stand for? The Indian-American family that just took ownership of Chicago's largest African-American-owned bank is about to find out.

Dallas-based State Bank of Texas, a lender mainly known for making loans to Indian-American operators of hotels around the U.S., was tapped Jan. 27 by federal bank regulators to assume the deposits and most of the assets of Seaway Bank & Trust, based on Chicago's South Side.

A large percentage of Seaway's depositors are drawn at least in part by its status as African-American-owned. Seaway's "bank black" campaign last year brought in at least $8 million, with new customers depositing their money at the bank on the basis of its ownership even though its financial condition was rapidly deteriorating.

How many of those depositors will want to stay with a Seaway Bank under Indian-American ownership?

Sushil Patel, president of State Bank of Texas, acknowledges the potential issue.

"I'm not a black bank," he says in an interview. "I'm not a white bank, but I'm definitely not a black bank."

The most important consideration for depositors, he says, is whether their money is safe.

"Banking is still banking," Patel says. "I respect the idea of depositors wanting to put money into a bank that will put money back into that community."

We learn for the first time one of the other bidders of Seaway:

There was competition in the bidding the Federal Deposit Insurance Corp. held for Seaway's assets and deposits. The three other bidders included another black-owned bank, Liberty Bank & Trust of New Orleans, according to an FDIC disclosure.

The agency didn't say how much Liberty bid or even whether its bid met the FDIC's specifications. Other bidders were Republic Bank of Chicago, owned by Greek Americans, and Raleigh, N.C.-based First-Citizens Bank & Trust, a publicly traded, $31 billion-asset lender.

Usually, regulators take pains to try to find a buyer for a failed minority-owned bank with the same ethnicity. That was the case in 2014 when State Bank of Texas took over failed National Republic Bank of Chicago, also an Indian-American-owned lender. Likewise, Seaway was the chosen buyer for Milwaukee's black-owned Legacy Bank in 2011.

In its deal with State Bank of Texas, the FDIC effectively paid the bank more than $40 million to take ownership of most of Seaway, according to the purchase agreement (see the PDF).

That will incentivize State Bank of Texas to work out Seaway's bad loans as efficiently and cost-effectively as possible.

The FDIC contacted 350 banks, including 102 owned by minorities, to bid on Seaway, a spokesman says. The Texas bank's was the lowest cost for the agency, which by law had to accept it, he says.

As with many Indian-American-owned banks, State Bank of Texas' lending expertise is chiefly in the hotel industry, accounting for about 60 percent of its loan portfolio.

Otherwise, it mainly makes commercial real estate loans, so it has little experience in Seaway's bread-and-butter business loans and mortgages.

"At the end of the day, it's still lending," Patel says.

Once Seaway's bad loans are charged off, sold or worked out, the bank will continue making the same kinds of loans it used to, he says. The Patels won't install a new bank president for Seaway. Instead, the three family members—Sushil, his father, Chan Patel, who is chairman and CEO, and his brother Rajan Patel, chief lending officer—will take turns being in Chicago and running the operations, he says.

Liberty Bank has a branch on the west side where the former Community Bank of Lawndale/Covenant Bank was headquartered. Seaway won't have their own management team for the time being as you saw in the excerpt.

In recognition that this is a business we're talking about my hope is that in the next few years State Bank could possibly set up Seaway for a sale to a Black-ownership group. This is their business for now as you see in the screencap above so it's ultimately up to them whether or not they want to eventually sell.

In the meanwhile, we see that in this article Illinois Service Federal is setting themselves up as the only locally Black-owned bank here in Chicago. Also we see in this article actions taken by the community whenever a Black-owned financial institution is taken over by someone outside of the community - for example the former Community Bank of Lawndale.

What many of us should be concerned about particularly customers are the status of the many jobs that could be at stake during the course of this transition. State Bank doesn't have as many branches as Seaway so it's possible there will be some layoffs.

I suggest you read the whole thing.

Chicago Stars Ep. 4 - Century of Progress // MBMHMC tv

[VIDEO] Unfotunately Mr. Jahmal Cole didn't go to the area where the 1933 Century of Progress Fair was held which was Northerly Island/Adler Planetarium/former Meigs Field. According to Cole anything built for the fair over 80 years ago is no longer standing. It's still recorded as the fourth star on Chicago's flag.

In this edition Cole pays a visit to the predominantly latino Little Village neighborhood. He purchases donuts from La Central Bakery and ask customers what the fourth star on the Chicago flag represents.

Another message from this video is basically how to break down the segregation in Chicago. Our city basically is divided into thirds between latinos, Blacks, and whites. And regardless if we cluster on the south, north or west sides of towns we all reside in this great city. The best ideas come when people of diverse backgrounds come together and share ideas.

Is this something we've failed to do in Chicago in recent years? Perhaps through this little project Cole could bridge the gap between different communities of Chicago. He says shop local and as he does in most of his videos he visits local eateries.

In the meanwhile it's time to buy myself a shirt. And you all should consider doing the same. His activities is far more than interacting with Chicago residents or even tourists. Cole has also helped innercity teens leave their neighborhoods and explore the many communities and cultures that exist in our fair city. Expand their horizons and that's certainly something we can support.

Transit Matters - Pullman open house

This open house about a Pullman Transportation and Access Plan to take place January 26th at the Pullman National Monument Visitor's center located at 11141 S. Cottage Grove from 6:30 to 8:00 PM with a presentation set to start at 7:00 PM. Refer to flyer below.

And checkout this website www.pullmantransportation.com

A new high school coming to Roseland?

While this DNA Info article mostly concerns the possibility of a new high school in Englewood, it's noted that Chinatown and Roseland are also in the running for a new high school. A few considerations from the article worth noting.

To start location. Where is the land available for a new high school? Of course there are areas where it's possible to build a new school especially with foreclosed homes.

And then what schools would close. Speaking of Englewood, it's unclear if this means an elementary school would close or a high school. Although one candidate for closure would be Robeson High School which is noted for having their issues especially academically.

In the Roseland area there are already Corliss on east 103rd Street & Cottage Grove and then Julian directly west on 103rd & Vincennes. Also there is Fenger at 11220 S Wallace St and then there's Gwendolyn Brooks on 115th & King Drive. If any of those schools have to go which one might that be.

And then one more thing worth noting, what does this new school have to offer that the others don't already. Gwendolyn Brooks is a college prep academy. Harlan has a magnet engineering program and I can't speak for Julian, Corliss and Fenger. 

Whether or not we're talking Chinatown, Englewood or Roseland this school should offer programs of interest for the students. We can't just talk about another neighborhood high school to be built. If CPS is interested in building a new school in any area, what should be invested in it to make it worthwhile?

Chicago Stars Ep. 3 - The World Columbian Exposition // MBMHMC tv

[VIDEO] In this episode Jahmal Cole goes from the ferris wheel at Navy Pier to the Museum of Science & Industry. The significance the third star on the Chicago flag represents the World's Columbian Exposition.

There was a ferris wheel at the exposition which took place in the Frederick Law Olmstead designed Jackson Park. The Museum of Science & Industry is the last remaining structure of that event held in 1893 which formerly housed not only the Palace of Fine Arts but also an early incarnation of the Field Musuem.

Finally Cole ends this episode at the south side's Chef Sara's Place located at 7201 S. Exchange Ave. And here's hoping the many eateries Cole visits in his many episodes of My Block My Hood My City gets much more business.

Woodlawn - 2016 Curbed Cup champs

After the New Years break over at Curbed Chicago and some voting irregularity Woodlawn has won the Curbed Cup in 2016. In 2015 another south side community Pullman won the Curbed Cup.

So what's going on in Woodlawn that has caught Curbed's attention. This is from yesterday's post:

This new year is going to be an important one for the Woodlawn community. It seems like 2015 and 2016 were the years that really set a few major things in motion, but the neighborhood will really begin to see the fruits of these projects pay off in the coming years. In 2015, the neighborhood’s historic Shrine of Christ the King cathedral designed by Henry J. Schlacks burned down in a horrific blaze which left the church’s future in limbo. However, the community pulled together to save the historic building and work is underway to restore it.

 ...
However, the biggest news in Woodlawn in the last year has been about the future Obama Presidential Center. The new facility is planned for a section of Jackson Park which faces the Woodlawn community. It will be designed by the famous husband and wife architects Tod Williams and Billie Tsien and is expected to cost anywhere from $500 million up to $1 billion. The Obama Presidential Center is a major investment that will not only attract visitors to the community, but it help create new permanent jobs, and is expected to spur economic growth and new development activity throughout the South Side.

Congratulations to Woodlawn and may greater growth happen in that neighborhood. A future post I would like to reiterate those communities who I hope will place in future Curbed Cups. There was a similar post written about this last year.

Chicago Stars Ep. 2 - The Great Chicago Fire // MBMHMC tv

[VIDEO] I really like how the officials at the Chicago Fire Department Academy literally had to kick Jahmal Cole out of their training exercise. That is understandable at they are in training and surely there is an element of danger in their training.

Either way that segment is fitting as we explore another meaning for one of the stars on Chicago's flag - the Great Chicago Fire. We learn that there wasn't a fire started by a cow, but several fires near Lake Michigan which due to the buildings of the city at the time with wood and tar just spread all over the city.

Also ironically the alleged farm where the Great Chicago Fire started is exactly at the Chicago Fire Academy located at 558 W De Koven St.