Mayor's Plan Becomes Reality as Chicago Infrastructure Trust is Approved
Last week, the Chicagoland Chamber of Commerce sent a letter to the members of the Chicago City Council urging them to support Chicago Infrastructure Trust ordinance. Today, Aldermen voted 41-7 to approve the plan, which Mayor Emanuel will use to fund hundreds of millions of dollars’ worth of city projects.
From the Chicago Sun-Times
The City Council on Tuesday brushed aside critics and overwhelmingly voted in favor of the mayor’s proposal to make a groundbreaking change in the way Chicago funds public works, paving the way for five financing giants to spend $1.7 billion on “transformative” projects in the city.
Six days after Mayor Rahm Emanuel preemptively put the brakes on a vote on his own Infrastructure Trust plan, Chicago aldermen approved the public-private partnership on a 41-7 vote. No votes were cast by Aldermen Bob Fioretti (2nd); Leslie Hairston (5th); Toni Foulkes (15th); Ricardo Munoz (22nd); Scott Waguespack (32nd); Brendan Reilly (42nd) and John Arena (45th).
The Chicagoland Chamber has been a strong advocate for the Mayor’s proposal as a means to spur economic development and improve the city’s infrastructure.
“Chicago’s status as the transportation crossroads of the nation is at risk without taking action on the City’s crumbling infrastructure as a way to encourage growth and economic development to create jobs,” said Chamber President and CEO Jerry Roper in last week’s letter. “We can no longer rely on the federal and state government for funding. Chicago must act now in order to compete globally and ensure our continued economic success.”
Click here to read the full Sun-Times article.