The 2013-2017 Capital Improvement Program allocates approximately $7.9 billion toward the replacement, rehabilitation or expansion of the City of Chicago’s infrastructure and public facilities. Bond funds account for 63 percent ($4.2 billion) of the anticipated revenue. City funds account for 27 percent ($2.1 billion). Federal sources will finance 12 percent ($930 million). Other funds including private contributions account for 3 percent ($201 million), State funds are expected to finance 2 percent ($l15 million) and TIF funds are expected to finance 4 percent ($305 million).
We will establish a series of Public-Private Partnerships funded by $1 Billion dollars of the City of Chicago’s existing $7,9 Billion Dollar Capital Improvement Program. Specifically, over a period of four years, we will identify 1,000 small to medium sized Chicago based businesses, which are industry and geographically diverse, and provide each of them a $1 million dollar jobs creation grant. There shall be strict administration of this grant program. The disbursement of funds will be periodic and tied to the attainment of standardized benchmarks. Monitors will ensure strict compliance with all established guidelines. Our goal is to help these reputable Chicago businesses grow; introduce their products, good and services into the national and global stream of commerce; increase production; and create 50 sustainable jobs.
This initiative will result in a total of 50,000 permanent private sector jobs.
We work to ensure that 25% of the jobs are filled by Ex-offenders.