CHICAGO – Chicago appears close to landing a $100 million federal loan to complete a major river walk project downtown.
Mayor Rahm Emanuel and U.S. Transportation Secretary Ray LaHood discussed details on Thursday.
The Chicago Sun-Times quotes LaHood as saying the financial stability of the project is “solid” and it’s now only a matter of “finishing up the paperwork.”
Emanuel says the project along a six-block stretch of the Chicago River is no longer “just a dream” but is “now becoming a reality.”
Construction starts in 2014 and is supposed to finish in 2016.
The Sun-Times reports Emanuel isn’t entirely clear about where all the money will come from to repay the 35-year loan.
One city official says that around 70 percent of the funds will come from existing tour-boat fees.