The new head of the Chicago Economic Development Commission says his
”first priority will be not only to sell the city to people outside the area but to ourselves.”
”We not only have to attract new businesses, but keep the ones already here,” says John P. Frazee Jr., who also is chairman of Centel Corp. ”We have to motivate people to start new businesses. And we should do more business with each other, if possible.”
Frazee speaks with the same fervor as a new convert to a religion. The native Virginian (his father, however, was born in Chicago) confesses that he didn`t intend ”to live here for the rest of my life” when he arrived in 1973.
Now, although Frazee virtually has put his company on the selling block, he declares that he has no intention of leaving the city.
”I have a different perception than people who were born and raised here,” he says. ”I heard a lot about the `Second City` complex and the Rust Belt when I came here. But I never felt that way.
”I`ve seen other big cities and urban areas. Chicago has so much more than they do. We have a wonderful business environment, the world`s best symphony orchestra and great museums. The city`s work force is better educated and more capable than it has been given credit for.”
Barely catching his breath, he continues: ”Do we have problems? You bet. There`s a long list of things to fix. But we have a great thing going here.” Frazee gives praise to the previous economic development commission, which was led by Helene Curtis Chairman Ronald Gidwitz. It put a lot of time and money into researching the city`s economic needs and demographic makeup, he says.
The new 25-member commission appointed by Mayor Richard M. Daley is
”going to put those studies to use,” Frazee says. ”We`re going to be action-oriented.”
One of the mayor`s top goals, he says, is to create a major industrial park in the former stockyards area on the South Side. Daley also wants to push for the creation of a new wholesale produce market to replace the South Water Market.
As part of its effort to encourage Chicago companies to do more business with each other, Frazee says the commission intends to publish a directory listing ”all types of businesses in the city which produce a service or product. We need to be aware of what companies make what products, and to do business with them if the quality is there.”
The group will put more emphasis on neighborhood as well as downtown economic development. Daley, he says, wants to hold ”community town hall meetings which he would attend and listen to what the people need.”
Frazee says he will also seek to coordinate the activities of all civic groups in the region and the efforts of organizations designed to promote conventions and tourism.
As for his own future, the 47-year-old Frazee says he has no political ambitions. If his company is sold, he lists several possibilities. He could remain with the merged company, if asked. Or he could take a management job with a trade association or with another company.
”I like to work,” he says.
He headed the United Way Crusade of Mercy fund drive last year and boasts that, despite the recession and rising unemployment, it raised $108 million against $103 million in 1990. This year, he is chairman of the Chicago-area U.S. Savings Bond drive.
BUSINESS BEAT: The 14 Pathway Financial savings and loan offices in Illinois are changing their names to First Nationwide Bank. There already are 15 thrift offices operating under that name in the state. Pathway has been a wholly owned subsidiary of First Nationwide Financial Corp. since 1988. First Nationwide, in turn, is owned by Ford Motor Co.
– Citibank will close a branch office on the seventh floor of Water Tower Place May 15 and consolidate its operations with a nearby outlet on Oak Street.
– The Chicagoland Chamber of Commerce, formerly known as the Chicago Association of Commerce and Industry, says the Russian city of St. Petersburg has asked it for help in forming a chamber of commerce this summer. . . . James O`Connor, chairman of the chamber, says its ”purely coincidence” that its new C logo looks much like that of Commonwealth Edison Co., of which he also is chairman. The chamber symbol was designed without charge by Bill Engelbrecht of Leo Burnett Co.
– First National Bank of Chicago was the only local bank to open Monday, Presidents` Day, and Jerry Bradshaw, senior VP of consumer banking, says it did two-thirds of a normal day`s business. The bank will continue a policy adopted last fall of opening on Columbus Day, Veterans Day and Presidents`
Day-when banks and savings and loan associations traditionally are closed.
”It`s a service to families who might be out shopping,” he says.
COMING AND GOING: James M. Kinney was promoted to senior VP of the residential properties group of Rubloff Co. Andrew J. Weddig was promoted to VP in the asset management division.
