Proposed Pilot Program To Bring New Industrial Development Projects to Five Depressed Areas in the City of Chicago

In response to a request for a legal opinion on the initiation of a proposed pilot program to stimulate industrial growth in Chicago's depressed areas, GAO stated that large amounts of private capital are necessary to attract major investments in these areas in order to alleviate unemployment, underemployment, and economic stagnation. Since financing must be available at attractive terms and rates, guaranteed loans would be made to private borrowers by private lending institutions with the guaranteed portion of the loan to be subsequently assigned to the City of Chicago and financed through the public credit markets.