CHICAGO (FOX 32 News) - Mayor Rahm Emanuel is set to announce a plan that would help finance projects in Chicago's struggling neighborhoods.
The money would come from developers of large downtown buildings. The new program would reportedly allow the city to charge developers extra for packing more square footage into downtown buildings, with the money going for projects in Chicago's economically depressed neighborhoods.
In addition, Mayor Emanuel wants to expand the borders of the city's "Downtown Zoning District" to the north and west.
Mayor Emanuel has called the plan a "win win situation" and said the program could generate between $40 and $50 million over the next three to four years.
Mayor Emanuel is set to make the announcement at Choose Chicago's annual meeting Thursday morning at the Cadillac Palace Theatre.