Two of Mayor Brandon Johnson’s most powerful allies on Wednesday used a parliamentary maneuver to defer consideration of two controversial and costly items with heavy potential to impact city finances: a $1.25 billion borrowing to bankroll economic development and housing projects and $70 million in surplus spending to fund the migrant crisis.
The parliamentary maneuver by Finance Chair Pat Dowell (3rd) and Budget Chair Jason Ervin (28th) sets the stage for both items to be considered at yet another City Council meeting on Friday.
The massive borrowing marks a fundamental shift away from Chicago’s longstanding dependence on tax-increment-financing (TIF).