Bill Clinton Joins Mayor Emanuel for Major Jobs and Infrastructure Announcement
During a week in which Mayor Emanuel has already unveiled his first outline for economic development and job growth in the region, former President Bill Clinton joined the Mayor today to announce a Chicago Infrastructure Trust that will fund hundreds of millions of dollars worth of city projects.
Mayor Emanuel said he wants to spend $200 million to revamp city buildings to make them more energy efficient, which would save $20 million a year. He also said the major Chicago Infrastructure Trust initiative could potentially pull more than $1 billion in investments.
From Crain's Chicago Business:
Details on some of this are a little vague. But the mayor's office produced letters of "preliminary non-binding interest" and of "support" from top financial firms. Included are Citibank, which wrote that it is "highly interested" in a $200 million commitment; J. P. Morgan Asset Management, which mentioned a $250 million figure, and Macquarie Group, a worldwide leader in asset management.
"Nothing is more crucial to our long-term competitiveness and job creation than infrastructure," Mr. Emanuel said. "The Chicago Infrastructure Trust will bring additional resources… and ensure our residents have a world-class quality of life."
Mayor Emanuel has committed himself to attracting and retaining jobs and investment here in Chicago, a trend that has continued into 2012. Last month, Emanuel revealed that PNC Bank will be creating more than 200 new jobs by the end of 2013 and opening three new branches in Chicago. In January, the Mayor announced that Coyote Logistics plans to add new 400 jobs in the city this year.
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