Committee on Finance Meeting Summary - February 10, 2025
At a glance
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The Committee on Finance met on February 10, 2025, to approve several ordinances, substitute ordinances, and proposed orders related to tax increment financing, bond issuances, municipal depositories, settlements, and small claims. A subject matter hearing on municipal depositories was also held on February 7, 2025, with no votes taken.
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Key decisions
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- Approved ordinance for TIF redevelopment agreement with Oak-Larrabee, LLC for mixed-income housing at 955 N. Larrabee Street (27th Ward), up to $14,000,000.
- Approved substitute ordinance for City loan and financial assistance to HPUMC Redevelopment Limited Partnership for housing at 2120-28 N. Mozart Street (1st Ward), up to $7,405,823 in Multi-Family Program Funds and $10,000,000 in Tax Exempt Bonds.
- Approved ordinance for TIF funds to Franciscan Outreach for property acquisition and rehabilitation at 2508-2538 W. 21st Street (25th Ward), up to $15,000,000.
- Approved ordinance for TIF funds for rehabilitation of the former Diplomat Motel for The Haven on Lincoln at 5230 N. Lincoln Avenue (40th Ward).
- Approved ordinance for designation of Municipal Depositories for the City of Chicago and Chicago Board of Education for Fiscal Year 2025.
- Approved substitute ordinance for issuance of general obligation bonds for public infrastructure, transportation, property acquisition, public buildings, economic programs, and lead service line replacements.
- Approved communication transmitting reports of verdicts, judgments, and settlements for January 2025.
- Approved four proposed orders authorizing settlement agreements in various cases, including Creamer v. City of Chicago ($250,000), Cervantes v. City of Chicago ($690,000), Nicole Banks v. City of Chicago ($1,250,000), Pellegrino v. City of Chicago ($3,500,000), and Elizabeth Galik v. City of Chicago ($27,000,000).
- Approved proposed order authorizing payment of various small claims against the City.
- Approved proposed order denying payment of various small claims against the City.
- Approved proposed order authorizing Charitable Solicitation on the Public Way (Tag Day) permit for Misericordia Foundation (April 23-26, 2025).
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Meeting information
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Committee on Finance
IRC 147(f) Public Hearing regarding issuance of Multi-Family Housing Revenue Note (Humboldt Park Project), Series 2025. Public comment deadline, February 7, 2025,10:00 AM.
Agenda
Agenda items not available.
Documents from this meeting
- Agendahttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/4c1cd099-00b5-4dad-8cf0-0f0bcb1a63bf.pdf
- Noticehttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/b88e79e1-7cb7-4c17-9e70-7b6b2824e959.pdf
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/6bea17e1-9243-4589-a1a9-6e565d4272ea.pdf
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