Government
As Chicago Approves its Infrastructure Bank, Cities Across the Country Watch and Wait
The first-of-its-kind measure will allow the city to accept billions in private financing for infrastructure projects.
Just before the Chicago City Council moved to vote on Tuesday, Alderman Ed Burke stood up. The powerful councilman and fierce mayoral ally laid out what was at stake, saying, "this plan fundamentally permits us to build for the 21st century."
Moments later, the council overwhelmingly approved Mayor Rahm Emanuel’s controversial Infrastructure Trust, a proposal to leverage private funds for city projects. An infrastructure bank is unprecedented on the municipal level, and may become a critical model for how cities pay for new building.