(WBBM NEWSRADIO) – The Johnson Administration on Friday made the case for borrowing more than $1 billion for economic development and housing.
Chicago City Council members aren't ready to vote on the $1.25 billion bond issue Mayor Johnson is requesting as part of his budget, but they are listening and talking about it.
Planning and Development Commissioner Cierre Boatwright calls the plan a "game changer" that could revitalize struggling neighborhoods. Also, Boatwright said, selling bonds is preferable to using Tax Increment Financing, or TIFs.
But some alders have expressed skepticism that the spending of the money would be transparent – or that they’ll have input. Officials have been reassuring them.
Ald. Bill Conway, 34th, is among those with concerns. He acknowledges past financing hasn't always been equitable, but he said council members must be part of the planning and selection of projects.
Friday’s hearing on the topic was for informational purposes only; no action was taken.
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