Your NPR news source

Chicago to Borrow Billion

SHARE Chicago to Borrow Billion

The Chicago City Council’s Finance Committee is recommending that the city borrow a billion dollars to help fund construction at O’Hare Airport. Chicago Public Radio’s Gabriel Spitzer reports.

Officials say this debt won’t fall to taxpayers.

The billion dollars in bonds would be repaid with money generated by the airport and collected from passengers, plus some federal grants.

O’Hare Modernization chief Rosemarie Andolino says this round of borrowing has always been part of the plan.

But Alderman Isaac Carothers reminded the council of cost overruns at O’Hare, and suggested that his patience is running thin.

CAROTHERS: I’m not anticipating you to have to come back to this council and tell us, now we need more money. Because the fact of the matter is, you know, the well is starting to get pretty dry.

The measure passed the committee unanimously.

Most of the money would fund runway construction and debt financing.

Part of the bond measure depends on approval from federal regulators.

I’m Gabriel Spitzer, Chicago Public Radio.

The Latest