Chicago to Borrow $830M for City Infrastructure Projects

    Supporters of the borrowing plan said the city needs to move forward with improving infrastructure because the future of federal funding for the city's needs is uncertain. The Chicago budget has grown by over $6 billion since 2019 .

    “We need to become self-sufficient,” Ald. Walter Burnett (27th ward) said during the city council meeting. “I think this is very wise and very smart and very beneficial to make sure that we can self-sustain ourselves for the future for the infrastructure that we need.”

    Opponents objected to how the plan is structured. It allows for the city to pay only interest for the first 19 years. If the city doesn’t make a dent in the principal until 2045 and doesn’t pay off the debt until 2055, it would cost the taxpayers a total of $2 billion. Ald. Bill Conway (34th ward) spoke against how the borrowing is structured. 

    “If you find yourself in a hole, the first thing you do is stop digging. Short-term benefits aren’t worth decades of financial harm," he said.