City Mandates Review Period For Sale Of Assets

By Kate Gardiner in News on Jun 12, 2009 9:10PM

A new ordinance will give Chicago aldermen at least 60 days to review major city lease agreements and sales in the city. The law, which was approved by the city council June 3, permits aldermen to call in independent auditors before the city contracts are put out to bid. It also allows the council to call on the office of the inspector general for review agreements, though the council retains its usual responsibility for review.

The city council will then be able to call a special session to debate and vote on the proposals, followed by another 15-day window for evaluation of the selected bid. Ultimately, this process will add more than two-and-a-half months to the process, a move heralded by most of the council as a good thing in wake of the ongoing city parking meter scandal.

In a press release after the ordinance passed, Ald. Brendan Reilly (42nd) said, "This legislation is sorely needed and long overdue. In order for the City Council to serve as an effective check to the executive branch's power, it is imperative that we have independent research and analysis to ensure these transactions benefit the people of Chicago."

The ordinance was introduced by Reilly, Ald. Manny Flores (1st) and Ald. Pat Dowell (3rd).