Emanuel announces major building retrofit project

Chicago Mayor Rahm Emanuel and former President Bill Clinton announced plans Thursday to spend as much as $225 million to make all city buildings more energy efficient and create nearly 2,000 construction jobs.

Emanuel and his old boss appeared Thursday at a news conference. They said Chicago will save $20 million a year in energy costs when a program called Retrofit Chicago is completed on all of the city’s more than 1,000 buildings. Clinton’s foundation has pushed “green” retrofit projects across the country.

To finance the project and subsequent major infrastructure projects, Emanuel’s office has created what is called the Chicago Infrastructure Trust. His office said that several financial organizations, which together have more than $1 billion that could be invested, have agreed to participate in the trust that also plans to fund transportation, education and utilities projects.

To create the trust, the mayor needs approval from the City Council, which would also oversee the trust. Emanuel’s office said that an ordinance creating the trust will be introduced at the Council’s next meeting later this month.

Clinton, whose foundation is helping with the environmental upgrades of other buildings around the United States and around the world, including the Empire State Building, praised Chicago’s planned project.

“I have seen firsthand how investments in our infrastructure can modernize our country, get people to work, and improve our economic strength through energy efficiency,” he said in a prepared statement.