Committee on Finance meeting summary — items approved/passed/held on February 10, 2025
At a glance
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The Committee on Finance met and approved or advanced multiple financing and settlement items on February 10, 2025, including TIF agreements and expenditures for housing projects, City loans and tax-exempt bonds for a multifamily housing conversion, designation of municipal depositories for FY2025, authorization to issue general obligation bonds for infrastructure and lead service line replacements, several settlement orders, actions on small claims, and a Tag Day permit for the Misericordia Foundation. A subject matter hearing on municipal depositories was held on Feb. 7, 2025 (no votes).
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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); amount not to exceed $14,000,000 (TIF).
- Approved substitute ordinance to issue City loan and other assistance to HPUMC Redevelopment Limited Partnership for 2120-28 N. Mozart Street (1st Ward): up to $7,405,823 (Multi-Family Program Funds) and up to $10,000,000 (Tax Exempt Bonds).
- Approved Redevelopment Agreement and issuance of TIF funds to Franciscan Outreach for acquisition/rehabilitation at 2508-2538 W. 21st Street and Amendment No. 4 to the Western/Ogden TIF Plan (25th Ward); amount not to exceed $15,000,000 (TIF).
- Approved expenditure of TIF funds for rehabilitation of the former Diplomat Motel to house The Haven on Lincoln at 5230 N. Lincoln Avenue (40th Ward).
- Approved ordinance designating Municipal Depositories for the City of Chicago and Chicago Board of Education for Fiscal Year 2025.
- Approved substitute ordinance authorizing issuance of general obligation bonds to finance public rights-of-way, infrastructure and transportation, loans and grants, property acquisition, public buildings, economic programs, and lead service line replacements.
- Transmitted reports of verdicts, judgments, or settlements for January 2025.
- Authorized four proposed settlement orders (corporation counsel) in listed 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 (item 8C held in Committee); Pellegrino v. City of Chicago — $3,500,000; Elizabeth Galik (Estate of Angela Parks) v. City of Chicago — $27,000,000 ($20M paid by the City and $7M by City insurance).
- Authorized payment of various small claims and denied payment of various small claims (direct introductions).
- Authorized Charitable Solicitation on the Public Way (Tag Day) permit for Misericordia Foundation (citywide, April 23–26, 2025).
- Held a subject matter hearing on February 7, 2025 regarding Municipal Depositories (no votes taken).
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Meeting information
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Committee on Finance
IRC 147(f) required 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
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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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