A day after introducing an ambitious economic development plan for Chicago, mayor Rahm Emanuel wasted little time in unveiling a crucial element for implementing the plan - a public-private mechanism for funding infrastructure improvements.
The regional plan introduced on Wednesday, called "A Plan for Economic Growth and Jobs," "was developed by World Business Chicago, the city's non-profit economic development agency and is viewed as the first step in a continuing process to tune up the region's hefty but sluggish economic engine," reports Kathy Bergen.
The plan's 10 strategic goals, focused on encouraging greater collaboration to boost economic development, range from directives to diversify and grow the city's economic and jobs base, to ways to boost exports and develop next-generation infrastructure.
This last goal became the jumping-off point for a press conference held on Thursday, with former President Bill Clinton, to announce Emanuel's plan for a public-private mechanism called the Chicago Infrastructure Trust to fund investment in energy-efficiency improvements, transportation and other projects. The infrastructure bank, a common funding source utilized in Europe, Asia, and South America, would leverage upfront private investment to pay for public works projects that would provide a long-term revenue stream to re-pay investors and borrowers.
Emanuel has already indicated which project may be the first to utilize the new funding mechanism, report Kristen Mack and Jon Hilkevitch. "The first project on tap is roughly $200 million in energy efficiency repairs to city buildings and schools. Emanuel estimates the city can reduce its energy bill by more than $20 million a year. It would use that money to pay back the private loans, he said."
FULL STORY: Emanuel says private money could help pay for public works
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.