The Chicago Open Space Legacy Fund

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Urban parks and recreation areas offer valuable health, economic, and environmental benefits. However, the amount of quality open space in Chicago fails to keep up with the city’s growing population. What’s more, the city and park district often lack the flexibility to acquire land quickly, as opposed to more nimble developers. To level the playing field, Openlands has partnered with the Old Republic International Corporation to establish the The Chicago Open Space Legacy Fund, giving us the ability to act swiftly on behalf of public entities and provide bridge financing when lots become available.

Old Republic has pledged $250,000 to this revolving loan fund, with the condition that $150,000 of the total be matched one-to-one by other donors. Openlands can leverage the $400,000 fund for as much as $4 million in loans for strategic land purchases in the city.

An important feature of the fund is that all of the monies raised will be applied to property acquisition. For example, the Sherwood Park project, which combines a series of individual lots in Chicago’s Englewood neighborhood, significantly increases the size of this park. The acquisition also spurred a new master plan for the park, including the restoration of its playground, which Openlands managed.

For more information about contributing to The Chicago Open Space Legacy Fund, please contact Director of Development Jennifer Mullman via e-mail or by phone at 312-863-6261.