facebook
twitter
rss
account
search
search
 

Chicago gets $100M loan for river park

March 29, 2013 at 9:40 AM   |   Comments

| License Photo
CHICAGO, March 29 (UPI) -- A $100 million federal loan for an extension of an urban park along the Chicago River has been approved, U.S. Transportation Secretary Ray LaHood says.

The loan is a "done deal," LaHood announced in an appearance with Chicago Mayor Rahm Emanuel on the banks of the river, the Chicago Tribune reported Friday.

The six-block extension of the Riverwalk will include a center for learning about the river's ecology, a "zero-depth" fountain for children to play in, kayak rentals and a wooden boardwalk with floating gardens.

Emanuel said groundbreaking is scheduled for 2014, with completion expected by the end of 2016.

LaHood said the loan would be paid back over 35 years.

Some 70 percent of the revenue to repay the loan will come from higher fees two companies pay to dock boats on the river, said Chicago Transportation Commissioner Gabe Klein. The remainder of the revenue will come from advertising and leasing space to businesses that build along the river.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Ukraine claims Russian offensive on third front
2
Syrian militants seize Golan Heights border crossing
3
Major general stripped of title over handling of sexual abuse allegation
4
Serial stowaway arrested again in Phoenix
5
Report reveals 1,400 children sexually abused in English town between 1997 and 2013
Trending News
Video
x
Feedback