Vallas’ development plan focuses on a series of financial

 Vallas’ development plan focuses on a series of financial 

tools that he said would invest in the South and West sides. That includes creating an “independent community development authority” that will be in charge of doling out city funds and directing city agencies to spur local economic growth.

“It would operate free of City Hall politics ... and of aldermanic privilege,” Vallas said. “The determinations of what must be done will not be driven by LaSalle Street and the Department of Planning.”

The commission would use the money for projects including renovating homes, funding small businesses, micro-financing loans, developing industrial parks and supporting social services. Vallas also floated a municipal “fair share investment trust” that would operate like the city’s own hedge fund, using an allotment of new tax-increment financing revenues, developer fees and gambling revenues toward commercial and mortgage loans on the South and West sides. That idea would also likely need state approval: Revenues from the Chicago casino are expressly dedicated to funding police and fire pensions.

Vallas also proposed a “city land trust” to use TIF bond profits, property tax abatements and eminent domain to acquire vacant buildings and lots and flip them to local developments and community organizations, which would be eligible for financial support in the form of equity grants and loans.

Johnson has defended himself from criticism that he wants to defund police or raise taxes by saying he would spend money on the city’s residents, which he said would lead to positive results down the road. Programs include reopening mental health clinics.

“If anything, call me the investor-in-chief, because that’s exactly what I’m going to do as mayor: invest in people,” Johnson said.