City Gets Federal Loan To Help Redevelop Riverwalk

By Chuck Sudo in News on Mar 29, 2013 6:20PM

"The Marina" (State - Dearborn)

Sequester. What sequester? Transportation Secretary Ray LaHood, in one of his final announcements before he leaves office, announced a $100 million federal loan so the city can redevelop the downtown riverwalk into a downtown destination Thursday.

Mayor Rahm Emanuel joined LaHood along the river to make the announcement. Emanuel wants to brand the riverwalk as a destination along the lines of Millennium Park and the lakefront. The Mayor’s office revealed plans for the riverwalk’s renovation last October, which would give a different theme to each of a six-block stretch along the river, using the bridges that span them to separate each block into its individual thematic element and focus on the river’s ecology. LaHood said that, once the paperwork for and terms of the loan are finalized, the city must repay it within 35 years.

Transportation Commissioner Gabe Klein told the Tribune a majority of the loan repayment — 70 percent — would come from higher docking fees for the companies that handle riverboat tours. Some “very tasteful and very limited” advertising is also involved.