Chicago Mayor Rahm Emanuel and City Colleges of Chicago officials announced a $479 million, five-year capital program last week that relies on $274 million of future borrowing.

The plan calls for investments at all seven of the system’s facilities, including a new $250 million Malcolm X College that would open in 2015. The campus will house the system’s College to Careers programs in allied health.

“Today we prepare for a better future and a thriving Chicago economy by giving Chicagoans access to best-in-class academic facilities to prepare them for careers in fast-growing fields,” Emanuel said in a statement.

The program also calls for $77 million in classroom and other academic-related improvements, $16 million for life safety and security systems, and $135 million to cover deferred maintenance projects.

In addition to borrowing, the system will fund the projects with cash, capital reserves and tax-increment financing revenue.

The system is overhauling its educational program to better prepare students to find jobs in industries experiencing growth, such as health care, transportation and high-tech manufacturing.

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