The delay of Chicago Mayor Lori Lightfoot’s 15-year proposed deal with Commonwealth Edison comes amid concerns that such a monumental agreement should be decided after the upcoming municipal elections.
During the proposal’s introduction at City Council Wednesday, Ald. Andre Vasquez, 40th, sent it to the Rules Committee, where legislation sometimes languishes. Afterward, he likened the deal to the infamous 2008 parking meter plan passed under Mayor Richard M. Daley, who traded 75 years of city parking revenue to private investors for $1.15 billion.
Vasquez along with other progressive aldermen have called for a city takeover of ComEd, a feat that Lightfoot also explored but decided was fiscally unfeasible. The other part of the proposed deal is an “energy and equity agreement” to advance the city’s climate action plan, with promised benefits ranging from solar panels for low-income people to more than 1,000 jobs for South and West Side residents. ComEd money supporting the projects would be controlled by a “third-party nonprofit board” consisting of five people appointed by the mayor and confirmed by the City Council and two selected from ComEd.
The pending deal represents a significant breakthrough between Lightfoot’s administration and the company since the U.S. attorney’s office announced in July 2020 that ComEd would be charged with a single count of bribery in a nearly decade-long scheme to funnel money and jobs to loyalists of then-House Speaker Michael Madigan, in hopes that he would back the company’s legislative agenda in Springfield.
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