Pat Barcas/staff photographer
Chicago Infrastructure Trust CEO Stephen Beitler said his organization has $1 billion worth of projects in the pipeline.
By Pat Barcas
Staff writer
Thursday, May 15, 2014
Email Pat Barcas at pat@foxvalleylabornews.com
SCHAMBURG — Chicago’s infrastructure is in need of serious rehabilitation. The workforce is there to rebuild it, but a vehicle for finalizing plans and funneling finance into projects needed to be created.
Enter the Chicago Infrastructure Trust. Created in April 2012, the Trust’s purpose is to “Assist the people of the city of Chicago, the city government and its sister agencies in providing alternative financing and project delivery options for transformative infrastructure projects.”
Mayor Rahm Emanuel said “We have a 21st century economy sitting on a 20th century foundation.” The city has the talent to enter the next generation of manufacturing, it just doesn’t have the infrastructure.
To accomplish this, the Trust hopes to structure innovative financing strategies and attract capital from many different types of investors, including private sources.
Stephen Beitler, CEO of the Chicago Infrastructure Trust, was the keynote speaker at the recent Construction Industry Service Corporation’s annual luncheon May 9 in Schaumburg. He said a key goal is to enter into projects that have a return on investment, create jobs, spur economic development, generate new revenue, and reduce operating expenses.
The Chicago Infrastructure Trust has also been successful in securing capital for infrastructure and energy efficiency projects, such as the recent $70 million digital manufacturing grant, which was matched by $250 million in state and private sector funds.
They currently have $1 billion worth of projects in the pipeline, including retrofitting Chicago’s 400,000 streetlights to more energy efficient bulbs — the largest streetlight retrofit ever done. This will undoubtedly benefit trade unions in the city who perform the job.
“There is a very specific benefit to trades jobs as a result of infrastructure projects,” said Beitler, who explained several possibilities for the streetlight overhaul.
“Electricians also know that a streetlight is a point where electricity comes to. There are a lot of other things we can do with a light. It’s possible to put a GPS chip in a light. It’s possible for the police to triangulate a location when a crime is committed. You can do car charging, you can provide connectivity. There’s a lot of things we can do,” he said.
Other projects on the horizon are upgrading wireless speed in subways, renovating Chicago’s 141 public pools for efficiency, and installing compressed natural gas pumps throughout the city.