Chicago Committee on Finance Approves Multiple Redevelopment and Financing Ordinances on October 2, 2024
At a glance
Quick context to catch up fast.
The Committee on Finance approved several ordinances related to redevelopment agreements, Tax Increment Financing (TIF) allocations, issuance of bonds, intergovernmental agreements with Chicago Board of Education, and settlement orders. Key projects include funding for cultural centers, theaters, schools, multi-family housing, and commercial redevelopment across various wards.
Projects mentioned
Browse all related coverage for the main local project pages tied to this summary.
Committees mentioned
Open the committee coverage hubs tied to this summary.
Topics discussed
Was this summary helpful?
Your feedback helps us prioritize what to improve next.
Key decisions
Follow the major takeaways from this briefing.
- Approved a $5 million TIF redevelopment agreement with BandWith Music LTD for a capital project at 134 S. California Avenue (27th Ward).
- Authorized $1.56 million TIF funds for redevelopment at 4740 N. Western Avenue with German American National Congress Chapter Chicago - North and D.A.N.K. House (40th Ward).
- Approved $14 million TIF funding for TimeLine Theatre Company redevelopment at 5033-5035 N. Broadway (48th Ward).
- Authorized $5 million TIF for redevelopment into commercial space and afterschool programs at 1050-1052 W. Wilson Avenue (46th Ward).
- Approved $15.6 million TIF for restoration of Ramova Theater at 3518 S. Halsted Street (11th Ward).
- Authorized intergovernmental agreements with Chicago Board of Education for TIF funding totaling $10 million for improvements at three STEAM schools (24th and 28th Wards).
- Approved issuance of Multi-Family Housing Revenue Bonds and TIF funds for residential projects at 3601-3625 W. Chicago Avenue and 9212 S. Burley Avenue (27th and 10th Wards).
- Authorized $28 million TIF for redevelopment at 79 W. Monroe Street (34th Ward).
- Amended Municipal Code to allow ceding of tax-exempt private activity volume cap to Illinois Housing Development Authority and Chicago Housing Authority.
- Approved issuance of City’s Second Lien Wastewater Transmission Revenue Bonds and refunding of General Obligation/Sales Tax Securitization Corporation Bonds.
- Authorized payment and denial of various small claims against the City of Chicago.
- Approved charitable solicitation permit for The Nature Conservancy for 2025.
- Authorized settlement orders totaling over $2.5 million in various legal cases involving the City.
Timeline & follow-ups
Action items flagged by the community.
No follow-ups have been shared yet. Add one in the community board below.
Meeting information
Details and records from this meeting.
Committee on Finance
Written public comment deadline October 1, 2024, 12:00 P.M.
Agenda
Agenda items not available.
Documents from this meeting
- Agendahttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/ceb18338-57d0-48ed-9a50-a2da828d6a3a.pdf
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/bd471f5f-97d0-44c7-82d1-a30078ea7905.pdf
- Noticehttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/5634d03f-ff12-4cf3-807d-e4c307cc0b5f.pdf
- Agendahttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/0e62b10c-aa2b-45c5-8936-05670fc4a39b.pdf
Recent documents
Fresh records from this municipality.
Civic leadership
Know who to contact about the decisions that matter.