Committee on Finance meeting summary — approvals on housing financing, TIF allocations, CTID, settlements, and permit fee waivers
At a glance
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The Committee approved multi‑family and housing revenue bond actions, multiple TIF intergovernmental agreements for park and school improvements, a substitute permit‑fee waiver for the Public Building Commission, establishment of the Chicago Tourism Improvement District (CTID), two settlement orders totaling $27.35M, and related reports and small‑claims orders.
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Key decisions
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- Approved February 2026 Monthly Rule 45 Report for the Committee on Finance.
- Authorized increase in Multi‑Family Loan Funds and issuance of tax‑exempt Multi‑Family Housing Revenue Bonds to MHL 2 Prairie District Apartments – Wabash LP for rehabilitation at 1801 S. Wabash Avenue; amount not to exceed $14,872,344.
- Authorized issuance of Multi‑Family Funds to Park Manor Phase I MM, LLC for Park Manor Senior Residences of Chatham at 8320 S. Dr. Martin Luther King, Jr. Drive; amount not to exceed $15,100,000.
- Authorized bond inducement for tax‑exempt housing revenue bonds for MPC Phase 1 4%, LLC for affordable housing at 11420 S. Halsted Street; amount not to exceed $12,500,000.
- Authorized First Amendment to IGA with the Chicago Park District allocating Kennedy/Kimball TIF funds for Avondale Park improvements at 3516 W. School Street; amount not to exceed $5,000,000.
- Authorized Third Amendment to IGA with the Chicago Park District allocating Montrose/Clarendon TIF funds for Clarendon Park improvements at 4532‑34 and 4538 N. Clarendon Avenue; amount not to exceed $2,000,000.
- Authorized IGA with the Chicago Park District allocating Northwest Industrial TIF funds for Hermosa Park improvements at 2240 N. Kilbourn Avenue; amount not to exceed $4,250,000.
- Authorized IGA with the Chicago Board of Education allocating 43rd Street/Cottage Grove TIF funds for improvements at Carter G. Woodson South Elementary School at 4414 S. Evans Avenue; amount not to exceed $900,000.
- Approved substitute ordinance waiving building and facility‑related permit fees for the Public Building Commission of Chicago effective January 1, 2026 through December 31, 2031.
- Approved ordinance (introduced by Alderman Jason Ervin) establishing the Chicago Tourism Improvement District (CTID) and levying transaction charges on certain hotels within the CTID.
- Authorized two settlement orders: Nikki Yonushatis v. City of Chicago — $350,000; Henry Harrell et al. (two related cases) — $27,000,000 ($20M paid by the City, $7M paid by the City's insurance).
- Transmitted February 2026 reports of verdicts/judgments/settlements; approved proposed orders authorizing and denying payment of various small claims; authorized NAACP charitable solicitation (Tag Day) permit Citywide April 1, 2026 to December 31, 2026.
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