Chicago Mayor Brandon Johnson’s $830 million borrowing plan for city infrastructure narrowly passed the City Council 26-23 after weeks of debate. Critics opposed the backloaded repayment structure, which delays principal payments until 2045, potentially increasing the city’s long-term debt burden. Johnson’s team clarified the funds would not be used for Chicago Public Schools operations, easing some concerns. Aldermen proposed alternative financing plans, including flatter repayment schedules and shorter bond terms, but Johnson’s plan ultimately prevailed. Some council members, like Ald. Bill Conway and Ald. Timmy Knudsen, pushed for amendments that would reduce interest costs and accelerate repayment. To gain support, the administration highlighted specific infrastructure projects and argued that delaying repairs would be more costly. The total repayment cost could exceed $2 billion, with interest-only payments until 2044. While the ordinance passed, amendments to restructure the debt payments may still be considered. https://lnkd.in/e98HqRMT
