Despite the complaints of some alders and defenders who could reach future taxpayers with a mass debt, Chicago City Council has given the green light to take $ 830 million to repair the streets of Chicago, sidewalks and bridges.
The February 27-23 voting erases the road for maintenance and improvements, such as $ 157.5 million for street repairs and security updates, $ 115.5 million for new landscapes, $ 108 million for each ARDERPERSON to repair infrastructure in their local parts or organizations, $ 100 million to replace the Plom service lines, $ 98.1 million to replace and repair the city’s bridges, $ 73.8 million to renew police and fire stations and other buildings in the city, and $ 64.9 million to buy new police vehicles and fire fires.
Supporters of the Loan Plan said that the city must advance with the improvement of infrastructure because the future of federal funding for the needs of the city is uncertain. Chicago’s budget has grown more than $ 6 billion since 2019.
“We need to be self -sufficient,” Ald. Walter Burnett (27th Ward) said during the City Hall meeting. “I think this is very wise and very smart and very beneficial to make sure that we can self-self-self-self-toilet to the future for the infrastructure we need.”
The opponents opposed how the plan is structured. It allows the city to pay only interests for the first 19 years. If the city does not sprinkle in the main until 2045 and does not pay the debt until 2055, it would cost taxpayers a total of $ 2 billion.
Ald. Bill Conway (34th Ward) talked about how the loan was structured.
“If you are in a hole, the first thing you do is stop digging. Short -term profits are not worth decades of financial damage,” he said.
