The proposed Union Station remodel could have effects long beyond its ancient, train-bearing walls. The question is --who will pay for the infrastructure upgrade with the federal budget in continual crisis?

A new report from ULI and Ernst & Young says state and local governments are leading the charge on new infrastructure projects, accounting for 75% of spending (by hiking taxes, user fees, tolls, etc.) with the goal of boosting jobs and stimulating the economy. How would our own indebted city and state fund Union's makeover? Chicago has helped pioneer the idea of infrastructure banking for more creative financing of local projects, the report says (though tweaks regarding governance and tax-exemption remain). Nobody is watching the station's next move closer than its neighbors --area commercial projects and property values could get a huge boost, helping finance the renovations. (And maybe Ogilvie will stop turning up its nose.)