As Mayor Brandon Johnson’s bid to borrow $1.25 billion moved forward in the City Council Tuesday, it faced an unexpected roadblock: an alderman calling on colleagues to vote “no” in protest.
Ald. Bill Conway, 34th, speaks in support of the budget during a City Council meeting before the vote on Nov. 15, 2023, at Chicago’s City Hall. As Mayor Brandon Johnson’s bid to borrow $1.25 billion to fund housing and development moved forward in the City Council Tuesday, it faced an unexpected roadblock: an alderman calling on colleagues to vote “no” in protest.
The move to not consider Conway’s spending restrictions came “obviously at the mayor’s insistence,” the alderman said as he asked colleagues to hold up the mayor’s plan. To settle the bond, the city would pay off $2.4 billion in accumulated debt through 2061 using property tax revenues that would become available as special taxing districts that currently sequester revenue into local projects expire.
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