Committee on Finance Approves TIF Agreements, Bond Issuance, and Settlement Orders
At a glance
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The Chicago City Council Committee on Finance met on February 10, 2025, and approved multiple ordinances and orders including tax increment financing (TIF) redevelopment agreements for mixed-income housing projects, general obligation bonds for public infrastructure improvements, and settlement orders totaling approximately $31.69 million across five cases. The committee also designated municipal depositories for fiscal year 2025 and held one settlement item in committee pending further review.
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Key decisions
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- Approved TIF redevelopment agreement with Oak-Larrabee, LLC for mixed-income housing at 955 N. Larrabee Street (27th Ward) not to exceed $14,000,000
- Approved substitute ordinance for City loan and financial assistance to HPUMC Redevelopment Limited Partnership for housing project at 2120-28 N. Mozart Street (1st Ward) not to exceed $7,405,823 in Multi-Family Program Funds and $10,000,000 in Tax Exempt Bonds
- Approved TIF funds to Franciscan Outreach for acquisition and rehabilitation at 2508-2538 W. 21st Street (25th Ward) not to exceed $15,000,000
- Approved TIF funds for rehabilitation of former Diplomat Motel for The Haven on Lincoln at 5230 N. Lincoln Avenue (40th Ward)
- Designated Municipal Depositories for the City of Chicago and Chicago Board of Education for Fiscal Year 2025
- Authorized issuance of general obligation bonds for public rights-of-way, infrastructure, transportation, property acquisition, and lead service line replacements
- Approved settlement orders in four cases totaling $4,690,000 (Creamer: $250,000; Cervantes: $690,000; Pellegrino: $3,500,000; Galik Estate: $27,000,000 with $20M from City and $7M from insurance)
- Held settlement order in Nicole Banks/Dexter Reed Estate case (Amount: $1,250,000) in committee for further review
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Meeting information
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Committee on Finance
Written public comment deadline February 7, 2025, 10:00 A.M.
Agenda
Agenda items not available.
Documents from this meeting
- Noticehttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/157415c2-4e9a-4963-a9a3-21f9dcce25b8.pdf
- Agendahttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/3574dab2-e664-4426-9802-df45a8466cf0.pdf
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/74104c0b-ea24-4b98-bbb7-29483c1f6d7d.pdf
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