Chicago's waterfront location proves lucrative with $30M annual deal
CHICAGO - Chicago, also known as the "City on the Lake," boasts stunning beaches and beautiful views of Lake Michigan.
However, what is often overlooked is the financial potential of its waterfront location.
Recently, the city agreed to its first water contract in almost 40 years with the Grand Prairie Water Commission, a collective of six southwest suburban communities including Joliet. This agreement will provide water to a quarter million suburbanites, and in return, Chicago will receive approximately $30 million annually.
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The city's chief financial officer, Jennie Bennett, hopes to secure more deals, stating that it puts "the water system back into a growth mode."
The service is set to start in 2030, after the construction of a pipeline and pumping stations.