Chicago Mayor Rahm Emanuel is slated to announce a new city initiative Thursday aimed at spurring downtown development while generating funds for neighborhood projects.
As part of the plan, Emanuel is seeking to expand the city's Downtown Zoning District and charge developers for extra square footage added to downtown buildings.
The program is expected to raise approximately $40 million to $50 million over a three-to-four year period. That money would be used for projects in Chicago neighborhoods in need of economic development.
Aldermen and community members would recommend proposed neighborhood projects to the mayor, who would have control over how the funds are used.
"You have one community that wants density and another community that wants economic investment, and rather than them being at loggerheads, we're trying to align their interests," Emanuel told the Chicago Tribune. "One individual's density is another person's economic opportunity. That's the way I look at it."