Chicago's Fraternal Order of Police union wants a 12 percent pay raise over two years and a $3,000 yearly "cost of living in Chicago" stipend to offset the expense of their requirement to live within city limits. The union's contract proposal came out Thursday.

"The money’s there when they want to build something, when they want to put in bike lanes,” said union President Mike Shields. “The mayor just has to decide if (public safety) is a commitment he wants to make.”

The union has also asked for a reduction in health-care contributions, the share of promotions based on merits cut in half, and the mandatory retirement of squad cars with more than 90,000 miles on the odometer.

The police contract expired on June 30, but Mayor Rahm Emanuel has not yet made a financial offer. 

“In whatever conversation I’ve had, or negotiations, I represent the taxpayers and what they can afford. That’s my perspective,” Emanuel said to the Tribune at an unrelated news conference to announce the city investment more money in at-risk youth programs.