CHICAGO — Chicago Mayor Richard Daley on Friday announced his intention to appoint Loop Capital Markets LLC’s chief executive officer James Reynolds Jr. to serve as chairman of the Chicago Housing Authority’s board.

The City Council must approve Reynolds’ appointment to the CHA board before Daley names him chairman under current rules. Reynolds would take the reins of the board a decade after Daley and a revamped authority announced the so-called Plan for Transformation to demolish rundown high-rise public housing projects and replace them with low-rise complexes inhabited by mixed-income residents.

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