Chicago Embarks on $7 Billion Infrastructure Plan

Mayor Rahm Emanuel has announced a $7 billion program to overhaul Chicago's infrastructure.

The plan announced Thursday includes improvements to rail stations, airports and parks. The mayor says the three-year program will create more than 30,000 jobs. He says the money will come from partnerships with private sector investors and not taxpayer dollars.

Among the projects will be the renovation of more than 100 Chicago Transit Authority stations. There will be $1.4 billion spent to build two new runways at O'Hare International Airport by 2015. The city also will replace 900 miles of century-old water pipes.

Emanuel says the work being done over the next three years will shape "the type of city our children will inherit.