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Chicago Advances Plan to Borrow $1.25 Billion for Development [Yahoo! Finance]
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development bonds, split evenly over five years, to spur economic growth and more affordable homes. Most Read from Bloomberg Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding Tesla Asks Investors to Approve Musk's $56 Billion Pay Again China Tells Iran Cooperation Will Last After Attack on Israel What If Fed Rate Hikes Are Actually Sparking US Economic Boom? Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs The committee voted 20 to 9 to approve the plan. The sale of the bonds is subject to approval by the full City Council. Mayor Brandon Johnson, who has been in office for nearly a year, asked the city council to sign off on selling a mix of general obligation and sales-tax-backed bonds, which would include largely tax-exempt and some taxable debt. The borrowing plan seeks to reduce the city's reliance on tax increment financing districts, which are popular tools used for economic development over the last few decades that don't offer equ
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