Mayoral Candidate Paul Vallas Lays Out His 'Marshall Plan' For Chicago

Rob Hart
September 28, 2018 - 12:31 pm
Paul Vallas

WBBM Newsradio/Rob Hart

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CHICAGO (WBBM NEWSRADIO) -- Informally, he calls it a "Marshall Plan" for Chicago's neighborhoods.

Candidate for Mayor Paul Vallas says his economic plan would spur ten billion dollars in investment in wards that he says have been neglected for decades.

His plan calls for a billion dollars in economic aid from the city's Tax Increment Financing Fund, along with incentives that are included in the tax cut bill that was passed last year.

Vallas says the city must take advantage of the Opportunity Fund.

"It provides massive tax benefits to investors that invest in designated economically challenged areas throughout the United States," Vallas said.

He says it's similar to the incentives that the city offered to Amazon in order to convince the tech giant to locate its second headquarters here.

"Many of these additional incentives that I'm identifying are the very incentives that they made for Amazon."

Vallas says the money can be used for affordable housing, clearing vacant lots, revitalizing retail districts, and removing lead from water pipes.