Disaster Bonds To Help Fund $96M Chicago Project

Law360, New York (January 11, 2012, 8:33 PM EST) -- Taking advantage of the federal government's expanded use for disaster bonds, the city of North Chicago got preliminary approval on Tuesday to draw on $75 million in tax-exempt disaster bonds to help bankroll a $96 million commercial project.

The Illinois Finance Authority's board gave unanimous preliminary approval to the city, which has teamed up with Pennsylvania-based developer Weston Solutions Inc. to redevelop a 40-acre brownfield site near its Great Lakes-area naval station for commercial purposes. A second, final approval vote is expected this summer, according to...
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