City of Chicago, IL

Mayor Lori Lightfoot's proposed budget would forgo an inflation-formula-based property tax hike and make supplemental contributions to the city's pension funds.

Chicago is leading the pack in pension fund problems.

The Skyway sale "proves that sophisticated global investors who can buy assets anywhere view Chicago as a great place to invest," said a spokesperson for Mayor Lori Lightfoot.

Chicago's O'Hare $1.77 billion offering took center stage this week with the city offering a diverse structure to lure buyers.

The Minnesota Airports Commission is also in the bond market with a $386 million deal this week, followed by Chicago's $1.77 billion transaction next week.

Chicago put its message on fiscal progress directly to bondholders at the annual investors conference last week.

Chicago projects a $127.9 million gap looms in 2023. That's down from the $306 million projected in May and the $867 million from last year's forecast for the coming year.

Chicago will conduct a full-court press of the buy side next week.

Fitch and S&P moved the district's outlook to stable as its balance sheet weathered the COVID-19 storm and pension overhaul legislation removes the threat of looming insolvency.

Chicago laid out three options for updating Soldier Field whether or not the Bears stay, but had little to say on financing plans beyond offering naming rights, league financing and debt as options to be explored.