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The $500 million development will include two residential towers and work on the long-awaited DuSable Park as well as plans to extend the Chicago Riverwalk.
The boy and a 16-year-old girl were on a raft Monday morning when it flipped over. Chicago Fire Department divers brought the boy to shore after a helicopter spotted him underwater.
Ald. Matt Martin (47th) wants to start small, with a public financing program confined to candidates for City Council. That limits the cost to roughly $10 million over four years.
Prospective candidates took turns presenting their piles of papers for counting; officials had to confirm at least 1,000 signatures before they could be submitted. Candidates have until 5 p.m. next Monday to file.