Chicago set aside $100 million for businesses in struggling neighborhoods, but none of it was spent. Now Mayor Lightfoot is trying to reboot the fund. – Chicago Tribune

City Treasurer Kurt Summers announced the Chicago Community Catalyst Fund in 2016 with much fanfare — the city would earmark $100 million to jump-start investments in struggling neighborhoods, providing the seed money needed for ventures in places where many banks had been reluctant to put their money. None of it was spent. In fact, it wasn’t until Summers was about to leave office this May that he moved $75 million of the earmarked money into a bank account where it could be administered. But upon taking office, Mayor Lori Lightfoot deemed that move improper and pulled the funds back, while not accusing Summers of doing anything illegal.

Now, Lightfoot herself is looking to reboot the program and finally deliver on its promise.

Questions remain, however, about how the Catalyst Fund, also known as Fund 77, was set up to begin with.