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| $100 Million federal loan 'done deal' for downtown riverwalk development | |
| Mar 29, 2013 | |
| John Byrne jebyrne@tribune.com | |
| Chicago Tribune | |
| Pertains to Chicago Riverwalk, Chicago | |
| Riverwalk renovation plan marches forward City officials plan to extend the Chicago Riverwalk by adding themed blocks, which could include fountains, restaurants and kayak rentals. A $100 million federal loan to build an urban playground along the Chicago River downtown is a "done deal," outgoing U.S. Transportation Secretary Ray LaHood said Thursday. Appearing along the river with LaHood, Mayor Rahm Emanuel said he expects groundbreaking for the extension of the Riverwalk to take place in 2014. The six-block project would run along the south bank from State Street to West Lake Street. The Riverwalk extension is set to include a learning center focusing on the river's ecology, a "zero-depth fountain" for children to splash in, kayak rentals and a wood-planked section dotted with floating gardens, among other amenities. Details were announced last October. The mayor said he hoped the new project would be done by the end of 2016. According to LaHood, the paperwork needs to be finished to finalize the loan, which the city must repay with interest over 35 years starting from when the work is complete. City officials said specific terms of the loan had not been finalized Thursday, so they did not know the projected total cost of the project. City Transportation Commissioner Gabe Klein said that about 70 percent of the revenue for the loan repayment will come from higher fees that two tour companies must now pay the city to dock boats on the Chicago River. Mercury Skyline Yacht Charters and Wendella Sightseeing will pay the higher fees. Klein said the city will rely on what he described as "very tasteful and very limited" additional advertising along the riverfront, plus leasing of space to restaurants or other businesses that want to set up on the river, to retire the balance of the loan. "There's no question there will be interest for retail," Klein said. Emanuel has pressed to continue branding the riverfront as a recreational destination for Chicagoans along the lines of the lakefront or Millennium Park. On Thursday, he characterized developing the riverfront |
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