Monday, February 4, 2008

Chicago Aldermen Want Power in Exchange for CTA Funds

From Chicago Public Radio.
Chicago aldermen spent today grilling the CTA over a proposed hike in the city's real-estate transfer tax.

It's little wonder aldermen scrutinized the real-estate transfer tax hike proposal so closely. It would cover a $2 billion bond issue for CTA pensions and retiree health funds.

But Alderman Isaac Carothers says, as the proposal stands now, the city gets little in return.

CAROTHERS: I'm of the opinion that if you're going to be taking this much money from the City of Chicago, that we need to be involved in the process of who's going to be handling and doing this underwriting for this two billion dollar deal.

In particular, aldermen want minority and woman-owned firms to do half of the bonds' investment work. The CTA says it can not guarantee that, but will return with an updated agreement Wednesday. That's when the full city council could vote on the real-estate transfer tax hike.

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