Chicago Approves Mayor's Infra Trust Proposals
USA, Infrastructure Funds
Chicago Mayor Rahm Emanuel proposals for a Chicago Infrastructure Trust, which would act as a conduit to channel private sector investment into a mix of Chicago services and assets, has been approved by the city council in a 41-7 vote on Tuesday.
"Working together, we have a tool here that takes some of that pressure off of the taxpayers," he said ahead of the council's affirmative vote.
Emanuel, who has outlined plans for spending $7.2 billion to rebuild the city's aging subways, sewers and schools, has said the projects would be paid for through the trust and through reforms, efficiencies, cuts in city bureaucracy, and direct user fees.
Each project financed through the trust will have a customized financing structure using taxable or tax-exempt debt, equity investments and other forms of support, according to the mayor's office.
The mayor in March identified five investors that have agreed to consider projects: Citibank NA, Citi Infrastructure Investors, Macquarie Infrastructure and Real Assets Inc, J.P. Morgan Asset Management Infrastructure Investment Corp, and Ullico.
Share this news item:
