(WBBM NEWSRADIO) — It was a busy day at City Council Wednesday, with efforts to lower Chicago’s speed limit and Mayor Brandon Johnson’s plan to borrow millions of dollars for capital projects curtailed.
No alderperson spoke against the need for more than $800 million to pay for street and maintenance projects, but Alderman Bill Conway (34th) was among those saying the problem is that the city wouldn't have to make any payments on the bond issue before the next mayoral term.
“Investment is vital, but the proposed debt structure is fiscal insanity and not normal. No payments until 2027, followed by 18 years of interest only payments,” Conway said.
And the total payments would be much higher, but Budget Committee Chairman Alderman Jason Ervin (28th) said the city has had bond issues like this before.
“But now, when it's time for the South and West Side to see stuff in this bond issue, oh, let's pump the brakes. When you see the streetscapes that are laid out on the South and West Sides, the alleys, the streets, the resurfacing, of the lights.”
“Get out of here,” he said.
Alderwoman Pat Dowell (3rd), who chairs the city council Finance Committee, argued for passage of the $830 million bond issue for infrastructure and maintenance.
“The proceeds from this bond will only be used to fund capital projects in the city's 2024-2028 CIP. They will not be used for awards and settlements or operating expenses,” Dowell said.
However, others like Northside Alderman Scott Waguespack (32nd) said he was alarmed that the agreement let the city skip paying anything on the borrowing for a couple of years and then only on the interest.
That means that interest payments would be much higher, something only disclosed on Tuesday.
“I think if people had seen this, and as to Alderman Conway's point, realized that we were not making principal payments for 20 years and kicking the can down the road. You would at least look at this and say, ‘should we take this back to the finance committee.’”
The council would not do that, so two alders used a procedural maneuver to delay a vote until the next meeting.
On Wednesday, the council also finally addressed a proposal to lower Chicago’s base speed limit.
First Ward Alderman Daniel La Spata had been pushing to lower the default speed limit in Chicago from 30 mph to 25 mph. He argued on the floor that Chicago should follow the example of other municipalities.
“We know that when the city of New York lowered their speed limit a decade ago to 25 mph they experienced a 39% reduction in total crashes and a 23% decrease in pedestrian deaths,” La Spata said.
However, alderpersons like the 30th Ward's Ruth Cruz worry that enforcement and fines will be heaviest in the poorest neighborhoods, and she was hearing from community leaders.
“We're not opposed to it. Clearly they believe in this, but we want to make sure that we're responsible with the implementation and what would that mean to the entire city,” Cruz said..
The measure was voted down solidly, but Alderman La Spata says he's not giving up and will talk to his colleagues about a path forward.
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