http://www.wbbm780.com/City-Plans--1...ojects/4117385
City Plans $15.5B In Downtown Projects
CHICAGO (STNG) -- A draft of Chicago's plans for the city's central area through 2020 calls for $15.5 billion in public works, mostly for transportation improvements, and asserts the projects are attainable with or without the 2016 Olympics.
The projects include a West Loop transit hub beneath Clinton Street with an estimated price tag of almost $6 billion. The hub would connect Metra and CTA rail and bus lines with a proposed Carroll Street rail line, itself a $260 million item, near the north bank of the Chicago River.
Other big-ticket items include $1.5 billion for CTA e
xpress train service to the airports and a $500 million for a landscaped roof over the Kennedy Expy. from Monroe to Washington around which new office buildings could be added. A $377 million plan foresees moving part of Lake Shore Drive east from Navy Pier to the Oak Street curve, creating space for bike and pedestrian paths.
The city's share of the total $15.5 billion cost should be in the range of $6 billion to $8 billion, the report said. Most of the money would come from tax-increment financing, a property tax source that diverts money from regular government expenses. The rest would have to be drawn from state and federal aid or corporate deals, it said.
The authors, principally officials with city planning agencies or consultants working for them, said the proposed expenses aren't out of line with recent budgets for capital projects.
Called the Chicago Central Area Action Plan, the draft has been posted on the Web site of the city's Zoning and Land Use Planning Department. Its appearance this year observes the centennial of Daniel Burnham's 1909 Plan of Chicago.