Chicago is providing $13.5 million for a Black-owned business to revitalize its grocery stores across the city.
The City Council’s Finance Committee agreed to use city subsidies to help Yellow Banana rebuild and rebrand six shuttered or dilapidated Save A Lot grocery stores, the Chicago Sun-Times reported. West Side Ald. Jason Ervin, the chairman of the council’s Black Caucus, said some of the stores will need a complete rebranding, while others can keep the Save A Lot name.
Michael Nance, a partner in Yellow Banana’s holding company, said he and his partners met with Save A Lot executives who understand that a total rebranding of some of the stores is necessary. Yellow Banana will be required to buy about 60 percent of their wholesale products from Save A Lot, but will have the flexibility to operate under a new store name.
The $13.5 million will come from TIF funding and other city subsidies. The six stores included in the redevelopment agreement are located in the West and South Sides.
Nance said the company is considering multiple ways to rebrand and reconnect with the city. Yellow Banana may choose to hire a local artist to create a mural on the side of one or more of the buildings that shows the communities’ culture.
In accordance with the agreement, the stores, which have significant maintenance issues, must remain open for at least the next 10 years.
“If a single store closes or is sold during that time, then the developer must return all previously dispersed funds to the city for all six stores,” Deputy Planning and Development Commissioner Tim Jeffries told the outlet.
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