CHICAGO (WLS) — The Chicago City Council faced a packed agenda Wednesday during its regular meeting.

One of the big items up for vote was the first phase of the $7 billion 1901 Project, a massive effort to revitalize 55 acres around the United Center.

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The vote easily passed.

It is expected to add housing, retail and entertainment space to the West Side. Developers say they could begin construction this summer.

The Council shelved a controversial proposal for $830 million in bonds to finance different capital improvement projects for the city.

The mayor’s proposal passed through the Finance Committee last week.

Thirty-fourth Ward Alderman Bill Conway said it’s ludicrous for the city to be considering taking on this much debt.

“That’s ludicrous. And you see how ludicrous it is because from 2050 to 2055, we will have to make $821 million worth of bond payments in those five years, which is something that is clearly not tenable. And it illustrates how backloaded this structure is,” Alderman Conway said.

It could also impact the city’s long-term debt, especially considering the city’s recent credit downgrade, which is near junk bond status.

Conway led the charge against the plan, saying future generations will be stuck paying a bill that will cost more than $2 billion.

“The proposed debt structure is fiscal insanity and not normal, no payments until 2027 followed by interest-only payments for 18 years,” he said.

“We are sitting in a house, and then we get a bill from our great-grandfather, saying that you owe $500,000, but you had nothing to do with it, but you gotta pay the bill,” 9th Ward Ald. Anthony Beale said.

But, the mayor and his supporters argue the loan is needed to pay for road projects, especially on the South and West sides of Chicago.

“This bond issuance is standard and necessary. We have a duty to the residents of our city to provide them with the safe and accessible vital infrastructure,” Finance Committee Chair Ald. Pat Dowell said.

Another controversial item that produced much debate was 1st ward Ald. Daniel La Spata’s proposed ordinance to reduce the city’s speed limit from 30 miles an hour to 25 mph.

“We know from CDOT traffic study on this: This will save lives. Just 5 miles per hour will have a significant reduction on crashes, injuries and fatalities,” La Spata said.

But others argued lowering the speed limit will result in more red light tickets in low-income Black and brown neighborhoods that cannot afford them.

“They are unfairly, unequivocally and unequal distrusted throughout the city. They’re not in every neighborhood,” Ald. Ray Lopez said.

The proposed speed limit ordinance was voted down.

An order was also introduced to reinstall statues of Christopher Columbus around the city.

Those statues were removed under Mayor Lori Lightfoot’s administration because of protests over honoring Columbus.

On Wednesday, Alderman Anthony Napolitano pointed to how the city recently defended controversial anti-war artwork at the Chicago Cultural Center. He said government should never censor art.

The Council has not taken action on the proposal.

The Council approved an ordinance that allows buildings to convert commercial space on the ground floor to residential space.

City Council members hope this will create more housing and fill empty storefronts.