Carpenters' President Frank Libby kicked off the proceedings at the Carpenters' Union Ave. Training School, which served as the backdrop for an economic growth plan delivered by Chicago Mayor Rahm Emanuel and former President Bill Clinton. The plan includes a Chicago infrastructure bank to fund hundreds of millions of dollars' worth of energy-efficiency improvements, transportation and other projects.
Video of the event can be viewed here.
Mr. Emanuel said he hopes to soon begin spending $200 million to retrofit city buildings to make them more energy efficient - something that would save $20 million a year and provide a revenue stream to repay investors and borrowers.
But that's a relatively small piece of what Mr. Emanuel, a former investment banker, hopes will be a much larger initiative - to be called the Chicago Infrastructure Trust - one that potentially could attract well over $1 billion in investor cash, bank loans and funds from major foundations.