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Monday, April 2, 2012

Red alert: Rahm's Infrastructure Trust and the Chicago Cultural Center

Posted By on 04.02.12 at 05:17 PM

Scariest thing I've heard on NPR for a long time came across the airwaves during the Marketplace Morning Report today: Mayor Rahm Emanuel, talking about the Chicago Cultural Center and his new private-profits-from-public-projects scheme, the Chicago Infrastructure Trust, in the same breath.

"When we're done," the public will "still own the Cultural Center," the mayor was saying, after private money is used to make improvements that will ostensibly save $30,000 a year in energy costs.

He didn't explain why, if financing is needed, this would be better than bonds, and he didn't explain what claims the private investors would have on this unique public treasure.

Stay tuned.

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