The U.S. economy is under considerable strain and America's Infrastructure is deteriorating. The difference between what we can afford to fix and what needs to be fixed is growing.  While debt and deficits continue to increase, major public-works projects become more difficult to attain.  Experts agree that as a nation we must address our aging network of roads, bridges, airports, railways, and water systems to compete in the global economy. There are multiple campaigns calling on the federal government to create economic growth, repair our nation's infrastructure systems and transition from fossil-fuel dependency to low-carbon technologies; however the funds available for states and cities continues to shrink.

Chicago's infrastructure needs also far exceeds our ability to address them.  While taxpayers already fund routine capital needs, essential City investment in public works projects go far beyond what Springfield or Washington DC can provide.  The Chicago Infrastructure Trust is a bold and compelling step towards financing transformative infrastructure projects while maintaining public ownership without an added burden to taxpayers.  The Trust will allow Chicago to reach and maintain global economic competitiveness by providing a better deal for taxpayers on traditional projects or by putting together projects that would not be possible without a Trust.  As a non-profit entity, the Trust will allow foundation and institutional funds to be used towards projects that would otherwise be impossible to secure.

Buildings account for approximately 70 percent of all the city emissions and are primary targets for energy reduction.  In 1989, as Director of the Logan Square Boys and Girls Club; I entered into an energy efficiency program with the Center for Neighborhood Technology.  With their guidance, we took a market rate loan to replace the boiler, windows, make electrical upgrades and added ceiling fans.  The loan was repaid by the savings on our monthly utility bills.  On a much larger scale, Retrofit Chicago works the same way.  Retrofit Chicago is the first and only project identified to be pursued by the Trust at this time.  This proposal would invest approximately $225 million towards retrofitting all of Chicago's public buildings.  The investment will be repaid by more than $25 million a year in projected energy savings.  Retrofit Chicago will also be the pilot project the Trust will use to pave the way for future public works proposals.

The City Council will have full review and approval authority on City of Chicago projects proposed by the Trust.  Since ordinances are living documents, the City Council can continue to make changes to the Chicago Infrastructure Trust ordinance at any time.  To date, the City Council has made 16 changes to the original Trust ordinance and the Mayor has signed an executive order requiring an independent financial advisor, a full risk assessment, cost analysis, cost comparisons and ethics disclosures to ensure that there are no conflicts or financial interests on proposed infrastructure deals.

The Chicago Infrastructure Trust Board will include 1 Alderman and its members will not be compensated.  The Trust will be required to comply with the Illinois Open Meetings Act and Freedom of Information Act.  It must issue an annual report that is posted online.  It must comply with the City's procurement rules and policies, and must get City Council or sister agency governing board approval for all projects.  An independent third party will analyze the impact of the Trust and provide the Mayor and the City Council with recommendations on ways to improve it.  The Inspector General will continue to have oversight and investigative authority over every project involving City funds or assets.

Unlike the Parking Meter deal I voted against, the InfrastructureTrust invests in City assets instead of leasing or selling them.  I voted for the Chicago Infrastructure Trust because I believe that in the absence of federal action, local municipalities can attract public-private investment that puts people back to work while creating opportunities for Chicago to remain competitive with the rest of the world.

Respectfully,

Rey Colón

Alderman, 35th Ward