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to be followed during the public comment period and the
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Good morning, everyone.
Happy. I believe this is Thursday.
Of the committee on finance is called to order.
I will now have a roll call to establish quorum.
Vice chair Conway.
Alderman laspada.
Alderman Hopkins.
Alderman Hall.
Alderman Mitchell.
Got you Mitchell Alderman Harris, Alderman bill.
Alderman. Lee.
Alderman, Ramirez, Alderman, Quinn.
Alderman Lopez.
Alderman. OSHA
Uh, see not me off my Square, all the men Rodriguez.
Alderman. Rodriguez, okay.
Alderman, CEO Lopez.
Alderman brunette.
Alderman Alderman, Talia, Ferrell Alderman, Cardona,
alderman waguespack.
Alderman. Vagus.
Alderman Spa.
Alderman. Reilly
Alderman. Martin.
Alderman Silverstein.
All chairman dowels here. 1 123. We have a quorum, we have
15.
Alderman Mosley Vasquez, Taylor Moore Rodriguez, Sanchez
Scott kutson mitts and Curtis have requested to remotely
participate. Uh at today's meeting for reasons, under the
provision of rule 59, can I have a motion to allow these
Alderman to attend? This meeting by remote means,
So moved by Alderman Mitchell. All those in favor signify by
saying I I opposed and the opinion of the chair of the eyes
have it and uh I want to confirm
Alderman Mosley.
On the vest. Alderman Vasquez, present Alderman, Taylor
here.
Alderman Moore.
Alderman, Rodriguez, Sanchez.
Alderman Scott.
Alderman, kutson president.
Alderman mitts.
Alderman. Curtis president.
President.
Got you?
All right, we have uh all the men to bars and all the men
clay who are non-members who have joined us today for the
finance committee meeting.
At this time we'll begin the public comment period. Uh
usually this comment period is limited to 30 minutes and
each speaker has uh 3 minutes but we but because we have a
number of people who have asked to speak this morning and
we want to get through them as many as we can. We're going
to limit the speaking to 2 minutes uh
For the public comment, period. We don't have anyone that's
requested to speak.
Uh,
By phone. So we'll start with those who are here in person.
The first 1 being Danny, Villa lobus.
Good morning. My name is Danny via Lobos, a proud resident
of Venom Park and active member of the Venom Park civic
league. I live within walking distance of the planned, Lair
courts, Redevelopment project and speak today is a private
citizen. Who is seen in lived through the challenges, my
community faces daily.
I urge this committee to prioritize our neighborhoods
future by approving. The tip requests for this
transformative development, the lair courts Redevelopment
project is more than a proposal. It's a Lifeline, It Means
Jobs homes, businesses, and an economic comeback. It means
Medical Services in a grocery store in a food desert. This
is the investment. My community desperately needs and
deserves. However, I'm concerned about efforts to frame
this transformative project as being in competition with a
new police station. As if we can't pursue both policies, my
community deserves Solutions. Not unnecessary conflicts or
false choices yet. If this community is going to bring
itself to make a short-term,
Choice between a new police station or transformative
investment. Let the answer be clear. We must choose
investment for decades. We've been told to wait, wait for
development, wait for growth, wait for Progress, my
community continues to struggle with crime and anti-social
activity because our public spaces, welcome this Behavior.
economic development is Public Safety jobs, housing visible
investment create thriving, safe neighborhoods, the lair,
courts Redevelopment project promises quality of life
stability, Prosperity. A police station, simply will not. I
asked how much longer must Lair courts and Venom Park, wait
for quality of life politics and service of working people
should ensure professionalism and not power play.
Please prioritize progress and use Tif money to
meaningfully lift up our community and it starts by
approving. The thank you for your comments. This morning,
the next speaker is Jamie grath seal
Good morning. My name is Jamie growth serl and I'm the
founder of a community-based organization called the
Southwest Collective, which is active in the neighborhoods
around Midway Airport. I'm also a longtime resident of this
area. I want to focus my support for the proposed
Redevelopment of Lair courts near Cicero Avenue in I-55.
Because for years years, the city has accepted vacant lot
after vacant lot along this stretch that brings countless
travelers to and from Midway Airport.
And it's where residents have struggled to even access
Basic amenities, my neighbor's deserve serious investment
to bring long overdue housing, community, centers walkable
streets, along with essential services, like grocery stores
and Banks and child care facilities, and a federally
qualified Healthcare Center.
New housing, brings new neighbors, and new neighbors.
Strengthen a community support, local businesses and
improve Community, safety. Our city as a whole is hurting
for housing. So this Redevelopment on currently unused,
land is an absolute no-brainer.
Done, Right? These new units would be a genuinely
affordable and rigorously maintained would provide housing
for young families, seniors and former Lair Hurst residents
who were promised a right of return when their old
buildings were demolished
We have waited long enough and we need no less than this
development. Thank you, thank you for your comment. I want
to acknowledge Alderman, CEO Lopez, who has joined us and
will be counted towards Quorum and Alderman. Maria Haden
who is uh um non-member but has joined us as well and
Alderman Moore who has joined us virtually, thank you,
chairman
You're welcome. The next speaker is Brenda Alfred.
Good morning.
My name. I'm I'm reading because I don't want to get off
track, but my name is Brenda Alfred. I am a right to return
resident of Lair, Court's, Housing, Development. I have
been a part of this community for over 50 years. And for
the past 14 years, I've been waiting along with many others
to return to the place we call home.
I am honored to serve as a chairperson on my Lair. Hurst
Community reunion for 20 years, every year at least 1,000,
former residents returned home to share friendship,
memories and love. That would cherish, we cherish all
deeply. The Clare course, is not just a place. It is where
our hearts reside, it is where our lives are entwined and
our community Thrive. Over 14 years ago, we were moved out
within 30 days forced to fledge and read Refuge, wherever
we could the abrupt separation from our Beloved Community
was
Was a heart-wrenching experience. The Clare Court is more
than just Housing Development. It is what our children grew
up, where our neighbors became family, where our countless
memories were made
The bond we share as a community is unbreakable, even in
the face of the displacement.
We would have you to understand that the death of our
longing to return.
Met many of our cherished neighbors have sadly passed away
while waiting to come back to a place they call home.
Their dreams of return to a clear course remain unfulfilled
and it is in the memory and honor that we continue to fight
for our community, which is Lair courts. We urge the
allegations of the allocations of the Tif funds, toward
rebuilding of Lair courts. This isn't just about
constructing buildings. It is about rebuilding lives,
rekindling hope
and restoring the vibrant heartbeat of the community that
has endured immense hardship.
Let's bring back the unity, the joy and the sense of
belonging that embodies together. Thank you very much for
your comments this morning. I want to also acknowledge
Alderman Reilly and Alderman. Scott who is virtual uh who
have joined us and will be counted towards quorum.
Next speaker is Joanne Williams.
Thank you for allowing me to speak. My name is Joanne
Williams. A former Army, Captain US Army disabled veteran
and president of the Hurst Community organization,
homeowners association established in 1987.
I am also a 23 year member since its Inception of the chaos
chaos. Redevelopment plan working group, I lived in Lehr
Hurst for 58 years.
Lived in lived in emclaire from 1966 until my mother bought
our home in 1970. The Hearth Community Homeowners are
adjacent to the lair property, many former Lair residents
bought bought their homes in hers. The cha Lura managed,
the management team began, requesting residents to move out
in 1998 and forcibly evicted. All remaining residents in
199 1999.
Emclaire was torn down in 2011. Therefore, we waited for the
development, the Redevelopment of the clear quartz for over
30 years. The developer has worked very hard and diligently
over the past 5 years. On this project, the community has
worked with them and we are developing a community benefits
agreement. They've been planning for the first
groundbreaking in the next few weeks. Everyone knows there.
There's a critical housing crisis in Chicago cost to build
our ever increasing glare project. Will provide jobs
Economic Development and create a truly, and create a truly
functioning mixed income, multi-racial Community along with
affordable housing, everyone will gladly. Everyone would
gladly want more police in the area. However, police are
not the total answer citizens expect, police to be a
pastor, a social worker, a psychiatrist psychologist. Etc,
that is not their job. Statistics have proven that many
crimes committed are by individuals who need counseling,
Educational and job opportunities. Police cannot do the job
by themselves. The medical center staff would essential
medical professionals in the Clare could help.
Residents in our neighborhood and throughout the southwest
side of Chicago. The project has been in the making for 5
years, Tif funds are needed to make it happen. We support
Tif funding for the lair project. We cannot abandon the
project. Thank you very much. Thank you very much for your
comments.
Christine James.
Good morning. My name is Tina James. I'm director of real
estate and Community Development at Greater Southwest
Development Corporation.
I stand before you today, on behalf of Adrien Soto
executive director at Greater Southwest,
To strongly advocate for the transfer of remaining funds
from the expiring. Midway industrial Tiff. And the Cicero
Archer Tiff into the newly established, Cicero and
Stevenson Tiff. These funds were generated by economic
activity, on the southwest side of Chicago, it is essential
that they are reinvested back into this vital area to
support the continued growth and prosperity of our
community. This reinvestment directly aligns with the
mission of Greater Southwest which is to stimulate Economic
Development and improve the quality of life for residents
and businesses in the greater southwest region of Chicago.
The lair courts Redevelopment project is a prime example of
of how this reinvestment can have a transformative impact
by porting These funds into the Cicero Stevenson Tiff. We
can create over 180 units of affordable housing. Addressing
a hugely critical need in our community and providing
stable homes for families. We can develop a community child
care facility supporting
Working Families and ensuring access to Quality early,
childhood education.
This project is strategically located adjacent to a
mixed-use, retail development. And the recently completed
state-of-the-art Academy for global citizenship School, the
Strategic placement creates a powerful economic Catalyst
for this part of the city.
This initial phase of the development represents a 110
million Community, reinvestment combined with future
phases. This project is projected to generate a total of
600 million dollars in investment, creating 7775
construction, jobs and support 700 permanent jobs.
Furthermore, the Clare Redevelopment will spur the
much-needed re re revitalization of Cicero Avenue. A key
commercial Corridor, thank you. Thank you very much for
your comments today. Next speaker is Julio pas.
Good morning, members of the city council. My name is Julio
Pas and I represent an organization called Chicago Commons.
Uh, we're 130 old Social Service Agency. We work all over
the city and and many of your Wards. Um, we provide high
quality Early, Child education, uh, Support Services for
Seniors and support services for the caregivers of the
children, and the caregivers of older adults. Um, we are
here to urge members of city, council to support the 5
million plus investment in the um the Clare courts
development project, uh, in the Cicero Court.
Uh, Chicago Commons has secured a 9 and a half million
dollar Grant from the state funded to create a new Early
Childhood Center to serve 130 children per year. If you
haven't been to 1 of our centers, I encourage you to talk
to, um, alderman.
Uh Bernett Lopez Rodriguez, Fuentes 6, your Lopez about the
amazing work we do. We are gold rated accelerate. We bring
a vital asset to the community
Um your vote today um would keep propelling the more than
100 million dollar investment that you heard uh, today
talked about from others who are here today that will
create affordable. Housing jobs, Healthcare retail, schools
grocery stores and simply add to the Vitality of the sister
record, or which is basically the southern gateway to our
city.
All the elements of this project directly or indirectly
address key priorities that all residents of Chicago need
safety, economic development jobs. We can't simply police
our way out of the situation going on in our city. We need
elements such as child care, affordable housing, Health,
Care Centers and more. So that said I in I encourage you to
vote and think about child care maybe at the role that
played in your family. Maybe you're here today at city
council because you have someone who's providing child care
for you. For your family, your kids, your family members.
So that said we urge you to vote to support the investment
in the Tif, thank you.
Thank you very much for your comments, the next.
Speaker is George Blakemore.
Like to acknowledge, uh, Alderman, Ramirez, Rosa and
Alderman Hopkins have joined us for quorum.
Uh that little Court. Uh uh I was listening at the
presentation and I think it was mostly black, but with this
new 1 it's gonna be more Hispanic.
Uh, I I always played the race card because the race car is
always played in a racist City.
In the, with the Democratic machine.
All of you all are Democrat.
So I played the race card. I've seen it happen, at caperna,
Green say the right to return.
They didn't return.
Its upscale up there.
so what Walter Bernett is saying and what these all first
returned from people been waiting,
Keep waiting on the Lord keep praying, keep voting for these
Democrats just keep on keeping on.
And God have given you back people, everything you need.
All you have to do is use what God has given you, and if
you don't use what you got to get what you want, you don't
need what you got.
Pray, the race card.
Everything is paid on You by race.
So why don't you play it back on them by race?
Now.
Some of my black people think they free.
They, they was promised 40x in a music that you get back.
Then you get that no right after. Then, they started with
the new reconstruction people come from Poland, and an hour
and everything getting free land. So don't don't don't jump
on the Yoke, though. You going to be returned?
It's a way of gentrifying you out.
Out of the city and they will be happy. If you all went
back to Africa some of them go say they never used the race
names, they never called you in, but they treat you like 1.
You got to keep.
Thank you for your comments. Our next speaker is Mark Kerr
Kermit.
forgive me, if I uh, pronounce your name wrong and
Alderman, Ervin is requesting to attend under rule. 59, can
I get a motion to allow Alderman, Urban to attend? So,
moved by Alderman Beal. Almond, are you in? You are not
related to help. Yes, ma'am, I'm here and Alderman, Mitch
has joined us virtually. Thank you, madam chairman grateful
as I. Okay, Mr. Kermit
And Alderman. Harris, I see you walking in. We got you
towards Guam
Thank you. My name is Mark, kins with cabera, capital
Partners, uh, 1 of the code developers on the project. Uh,
the clerk courts from the beginning. We have sought to
build a development in partnership with the community.
As a developer. Can you speak into the mic? Please as a
development team.
We have organized and attended 40 Community meetings
between May 2019. And today
These meetings have occurred with various organizations
across the southwest side, including First Community,
organization vidm Park, civic league gateway, to Midway
committee. Ubon Archer Heights, we participated in the
ciser Avenue Corridor Redevelopment study and the list is
even more extensive, the engagement process enabled, the
developer to hear area residents desires and concerns,
which helped guide our
The long vacant site.
As an example. Based, on community feedback early on, we
moved from a small light industrial component on the site
and pivoted to secure Grocery and Healthcare uses.
Since 2019, the development team has expended tremendous
resources, both human and Financial in the Millions.
To transform this site into a mixed income, mixed-use
Community, providing desperately needed, affordable,
housing, and other community amenities like retail and
early childhood education.
In addition we discovered inadequate infrastructure and put
together 26 million. Public infrastructure package funded
by the city that will include realigning the street grid
upgraded water. S Water and Sewer capacity, new sidewalks
curbs gutters street lights and new streets for the entire
development. We're now eager to get these first 2 buildings
in the ground next year.
The initial phase will deliver 180 affordable housing
units, which hopefully habitat will be able to describe
today as well. Um, the overall project was mentioned 775
construction jobs 700 permanent jobs, it'll create new
property, tax revenue, Foster Economic Opportunity for the
entire community and Beyond thank you.
Thank you. The next speaker is Ernest Brown.
Uh, my name is Ernest Brown, I'm the president of brown and
moment. We're a general, contracting firm here in the city
of Chicago for the last 37 years.
Uh I'm here to support 2222 South Michigan development. We
are in a joint venture uh as the general contractor. And
our primary role is obviously going to be to uh develop the
the project, but also make sure that that the workforce and
contracts reflect the city of Chicago. Thank you very much.
Thank you. Our next speaker is Cornelius squalls.
My name is uh, Cornelius walls.
Raise the mic, please.
Yeah, my name is Cornelius squalls. I'm a, I'm here to
support the uh,
The tip for the uh paracords project.
Um, I'm a retired probation officer and I'm in support of
this uh program.
Because it just to give a another future generation.
A chance to grow up in a nurturing.
Loving Community, which I grew up.
Which I grew up in. And, uh, so I'm in full support of it.
And I urge you the members here finance committee to, uh,
to, uh, approve this proposal
Thank you for your comments. The next person is Jeff.
Uh, hend or Hine.
Oh, Jeff head. I couldn't read your right. And you need to
know how to write.
Jeff had.
wonderful to see you today, chairman
My name is Jeff had uh vice president for affordable
housing development with the habitat company. Co-developer
on the will clear project. Uh thank you for uh allowing us
to speak today. Uh I just want to provide a little bit of
context on the development that we're talking about here.
Um the project represents 115 million dollar investment on
a blighted highly visible. Stretch of Cicero Avenue
between, uh, Midway and I-55 millions of residents and
visitors. Uh,
pass this, this site on a, on a weekly basis, uh, with this
development, uh, with with this investment, the entire
between 45th and 44th will be redeveloped with uh 2
beautiful new buildings, they'll house 180 over 180
families, most of the units are affordable, including cha
units there as mentioned, there'll be a new very high
quality Early Childhood Center on the site. That'll serve
both the residents and a broader sector of the community.
The new, the new building on Cicero will provide activity
eyes on the streets and enhance safety. Uh uh along with
Cicero Avenue, it'll bring energy vitality and vibrancy to
the, a neighbor neighborhood.
Habitat has managed mixed income developments in Chicago.
Since the 70s, our properties are clean, well-managed
Community assets. Our managers work with local aldermen and
police districts and take a proactive, uh, approach to
community safety.
Our staffing plan includes both robust security program and
full-time. On-site Social Services to assist residents to
thrive in their new homes.
This development represents a major value to the city of
Chicago, uh, where this investment will be leveraged by
significant public private investment of over hundred
million dollars from other resources, beyond the city. I
appreciate your consideration, and thank you for allowing
me to speak.
Thank you for your comments. The next speaker is, Dr.
Wallace Gator, Bradley.
Want to acknowledge that Alderman Hall had join. I saw him
in here, so he's going to be counted towards forum and
Alderman, Clay, did I miss I mentioned you already.
Dr. Bradley yes. Good morning. Uh, chairman
That's a good body.
I want to say I'm glad that you.
Have a communication.
From the Department of Law.
That's transmitting reports of cases in which verdicts
judgements.
And settlements were entered into for the month of October.
And the month of November.
as you know, uh Madam chairman, I've been speaking on
behalf of
This gentleman by the name of Mark Maxon. There was a John
Burge torture victim.
And uh, he was was, was released because they found the
individual, they committed the crime.
8 years later.
They settled this case. October 22nd.
I speak.
As I asked felling.
The dead time in Stateville penitentiary.
Became early translator. Got a pardon from the governor.
And it's about the fourth individual that I've been able to
help.
Come back to the streets by the grace of God.
I just want to say,
It's going to be a wonderful Christmas present.
Mark Maxon, and his mother.
Not only to be free but to get compensation and Redemption.
And uh, I take this real personal.
again, I want to say,
I appreciate you. You know, my struggle before you became
the chairman. You were just
Proud woman is on the committee. And you asked that
question in 2016, what was really happening and I want to
thank the corporate Council
While making a decision.
To put this on your finance committee for this committee,
to vote on it. Thank you.
Thank you. Our next speaker is Brendan Bastion Sullivan
Uh, good morning chair Dell and members of the committee.
Uh, my name is Brendan Bashan Sullivan. I'm a researcher
with Unite Here. Local, 1, Chicago's Union of hospitality
workers. I'm here today to express our Union support uh for
Tiff assistance for the planned Hotel development at 22222
South Michigan Avenue.
Uh the earlier version of this project, had a maximum of 18
hotel rooms, we supported that project because it created a
created a path to good, hospitality jobs in the Third Ward,
the developers are seeking to increase this to 154 hotel
rooms. Uh, this development would create a path to even
more good hospitality jobs for the community than before.
Uh we support 2 paths out of Chicago's housing,
affordability crisis. Uh building new affordable units is 1
path. The other path is to create more of the kinds of jobs
that make housing affordable for the working people of this
city. More good paying hospitality jobs, will allow more
Chicagoans to pay rent comfortably and even buy property of
their own. This version of the project has the potential to
uplift workers their communities and the city as a whole. I
hope you will support this project. Thank you.
Thank you for your comments. Our last speaker is Mrs.
Lawrence
who did not give us her first name?
Neither did you call it out in order either? Because I was
the first 1 that signed up, I'm just want to state that. So
I'm gonna just start there.
Let's get to the rules. That was talked about yesterday.
When we're talking about the rules in this place, we should
also be talking about the attitudes that come from these
federal employees, these government employees. And if you
want to talk about tis, you all already know that the black
zip codes have been deprived for over centuries, for having
any developments that are needed in these areas. So let's
start with that as well. Also, from yesterday, I'm gonna
bring up a couple of aldermen. We're gonna talk about, uh,
Stephanie Coleman at 11:40 a.m. Michael Young Bae
apologized.
To her outside. But I noticed it wasn't even brought up in
this meeting yesterday.
But, everything else can be brought up about banning and so
forth. So, when we talking about rules, let's get to that
as well. Also, let's talk about David Moore attitudes as
well. So there needs to be a culture change here when we
talk about these finances as well because see, we are the
ones that pay with our tax dollars and our tax dollars are
supposed to be going to all neighborhoods. Not just
particular ones that are singled out. So I am speaking up
on the black zip code from the north side west side and
also the south side
predominantly west and south. So I just want to make sure
that and when you all are finding money, you take these
40,000 employees that are under the federal government.
That's making a median of 40,000 dollars which is about a
balance of 1.6 billion dollars. Take that money from these
people who need to be some job in Jeopardy, that claim
they're working from home. That's not here. Servicing Us in
these buildings and you use those money. So as the
precursor for tomorrow's meeting to let all of you all
know, you need to vote correctly, you need to vote for what
is right, for the citizens, because your jobs are to
represent us. Not to represent that person who calls
himself a mayor. Thank you.
We will begin this meeting with the approval of the, that
ends, the public comment period. By the way, we will begin
with the approval of the October 24th, monthly rule, 45
report and the November 2024, monthly rule, 45 report, uh,
which was sent electronically to everyone. Um, if there are
no questions, I'd like to get a motion to recommend
approval of of, uh, the monthly rule, 45 reports
so moved by Alderman laspada, all those in favor, signify
by saying I
opposed, in the opinion of the chair, the eyes have it and
the motion carries
We have, uh, 17 items on the agenda today and 1 item on the
addendum from this morning.
We will hear items number 1 and 2 on the agenda together
but we will vote on each item separately.
Item number 1 and item, number 2. Um, item number 1 is a
substitute ordinance, establishing Casa, Yucatan 4%, LP as
the developer and issuing multi-family program funds and
other financial assistance to Kasa Yucatan, 4% LP for 4%
project located at 2134 through 2136 South Ashland Avenue
in the 25th. Ward the amount not to exceed 13.4 million in
multi-family loan
Funds and 9.62 million in home loan funds. Number 2 is the
substitute ordinance establishing Kasa Yucatan LP as the
developer and issuing multi-family program funds, and other
financial assistance. Dasa Yucatan LP for the 9% project at
1609 West 21st place. Also in the 25th, Ward,
in an amount not to exceed 2.42 million in multi-family
funds. There are substitute ordinances which has been
prepared and sent electronically to everyone. Is there a
motion to accept the substitute ordinance for the 4%
project?
So moved by Alderman Mitchell. All those in favor signify
by saying, I all those opposed and the opinion of the
chair, the eyes have it, and is there a motion to accept
the substitute ordinance? But the 9% project. So moved by
Alderman laspada, all those in favor. Signify by saying I,
I
Opposed and the opinion of the chairs. The I have it. And
the substitute ordinance is now before the committee and
will be explained by Vanetta Jones who's the financial
planning Analyst at the Department of Housing. Good
morning, Miss Jones. Good morning.
Thank you. Chairwoman Dow and members of the committee for
the record. My name is Vanetta Jones from the Department of
Housing.
Before you today is the ordinance for the benefit of Casa
Yucatan Apartments. Transaction located, at 1609 West 21st
Street in the 25th, Ward Lower West Side Community area
under Alderman, Byron Central Lopez.
The previous address was listed as.
2134 through 2136 South Ashland Avenue. However, after
receipt of the house, number certifications, we have
changed the actual address to 1609 West 21st Street. This
will be the same apartment complex,
This project was awarded in the Ida qap round. This project
was con will be considered as a twin Dale for Ida. However,
it will be considered as just 1 deal for the city.
We are requesting the authorization to issue up to 9.6
million in home and 15.8 million in Doh, multi-family
funds, and the form of a loan.
The developer is the resurrection project trp which is a
bip Park Le de developer. There will not be a code
developer for this project.
Trp is a community-based.
social Enterprise founded in 1990 by a coalition of
churches and concerned residents in Chicago, pilson's
neighborhood, who began to meet and discuss the challenges
facing their community.
6 local parishes committed committed 5,000 dollars in seed
Capital each today trp is the largest Latino Community
Development organization in Chicago Southwest side and has
leveraged their initial 30,000 dollars into over 641
million of community wealth and Investments.
Design bridge will be the architect and they have chosen a
joint venture in general contractors with crane GC at 60%
and Blackwood GC at 40% with backwood also being bip Park
lead.
Their lender is CIBC and syndicated will be Enterprise
Community Investments.
They will have a 86 cents, Buy in rate for the 4% structure
and 86 and a half cents by and rate for the 9% structure.
Trp will be the property management and Applegate Thorn
Thompson, as their Council and bond Council. Along with
blue Eddie as their Financial Consultant.
I have provided a copy of the org chart for your viewing
for both the 9% and the 4% structures.
The proposed development will be located in the 25th ward
in the low in the um, Lower West Side Community area.
Because the Yucatan will consist of a single new
construction building. This will be an 8-story elevator
building and will house 98, mixed income units. They will
have 20 on-site parking spaces for residents and 98 bike
parking spaces.
This building will have secure entry elevators and on-site
management.
Laundry, facilities and storage. It will feature 2500
square feet of community. Amenity space along the Ashland
Corridor that will include a multi-purpose room mail room
and Training Center. This development, qualifies for it
Todd, as it will be within 1 half mile of the pink line CTA
stop. And within 1/4 of a mile of 2, high frequency bus
routes along, Cermak and Ashlan.
The proposed units range from 1 to 3 bedrooms, for a total
of 98 units. Current slide shows the 4% structure for a
total of 70 units, reserved for households, earning 30 to
70% Ami. There will be 11 at 30% 1 at 50 46 at 60% and 12
at 70%. Ami.
I have listed the square footage and initial rent as well
below. I have noted the average Ami for the Lower West Side
Community at 37308 with the site for reference.
The 9% structural will have a total of 28 units, reserved
for the household, earning 15 to 60%. Ami.
there will be 10 at 15% 14 at 30 4 at 60%, and for a 60%,
with a total of 20 units that will receive subsidy from the
Chicago low-income housing trust fund noted with the
asterisk.
For the entire building. This will give you 381 bedrooms,
34 2, bedrooms and 263 bedrooms for a total of 98 units.
As stated, this is considered as an Ida twin deal.
Therefore, I have listed the budget separately, then
Consolidated, the 4 position structure will have 69% of the
shared cost with the 9% structure at 31%.
Idle will be contributing up to 25 million in bonds, 6.1
million in soft funds. The bonds will generate
approximately 26% in equity across both deals.
They will also receive other grants from cam Ed and fhl
Bank ahp.
Again, the buy-in rate will be 86 cents for the 4%
structure and 86.5 cents for the 9%.
The city will will be providing up to 9.6 million in home
funds, and up to 15.8 million in multifamily funds.
Uses of the funds include 2.7 million in acquisition and
46.4 million in construction and contingency costs.
The development will occur approximately 12.7 million in
South costs, which the developer fee for a total
development cost of 61.9 million resulting in 631,652 per
unit cost,
I'm sorry.
Our sources will be split amongst those structures for the
development.
This slide shows you the project location as it will be
located. In the Ashland Corridor. The project will fall
into 4 Separate privately owned pins.
Shown as the rendering for the proposed Pro proposed
development along Ashlyn Corridor and West 21st Street.
Shown is the breakdown of the floors and what is considered
in the 9% structure and the 4% structure along with the
common area, the 9% structure will be shaded in red with
the blue and the 4%.
The public benefits will consist of 98 units with 10 access
units ranging from 15 to 70%. Ami, 20 of the units will be
subsidized through the cliff program. This development will
provide secure entry, elevators, rooftop Terrace, ground
level Plaza. And playlot there will be an EV charging
station laundry facilities and storage. There will be
community space along the Ashland Corridor which includes a
multi-purpose room and a training center, anticipated for
health and fitness activities and programs.
The project will include 20 parking spaces for residents
along with 98 bike, parking spaces. And the development
team will be bip Park lead. This will create approximately
250 temporary construction. Jobs along with 5 to 10
Permanente.
No certification. I believe our, uh, worksheet still says
Enterprise green. So that is my mistake.
The additional 10 points will be achieved through the
working Landscapes and EV charging readiness.
Today we are requesting the approval to issue up to 9.6
million in home funding approval, to issue up to 15.8,
million, and multi-family, funds, and establish Kasa
Yucatan LP and Kasa Yucatan. 4, LP as the developer, as
there will be 2 separate entities. If we have passage this
month, we are looking to close March of 2026.
Today, I have CEO.
I'm sorry, March 2025, I'm ahead of myself.
Today I have CEO of trp Raul Rondo.
And Andrew gear of blue Eddie to answer any questions. You
may have, we ask for your approval and support of as this
concludes my presentation.
Thank you, Miss Jones as usual.
Very thorough presentation Alderman. Laspada will begin
with you.
Thank you very much chair. I remember when this project
came through.
Plan Commission in the last year. It's a really
Brilliant project, and I'm glad for the funding pathway. It
was really helpful to see the income levels for the
different units, particularly when you think about that
against the local median income for the lower west side, if
we were just doing 60% Ami units, it would be out of the
reach. It seems, if even the majority of the residents
there I only had 1 real question and it is
Tangential to what we're putting in the Chicago low-income
housing. Trust fund funded units at the 15% and 30%, Ami
level.
I have some concerns around the funding streams that go
into.
The trust fund, particularly, as we look at the affordable
housing opportunity fund, how where we've seen that
trending over the last few years.
How do we know that the the trust fund is going to be?
Solvent enough for the foreseeable future to continue the
subsidy at that level.
and,
What happens if there's a disruption to their existing
funding levels? Is that clear? As a question? That is
clear. And uh, yes, we we, I understand I will refer to any
gear.
We believe that the local excuse me, could you introduce
yourself? Yes. I am. The CEO of the Resurrection project
and the developer for uh Castle Yucatan.
Um there is uh I believe on our performer, sufficient uh
funding through the local postal trustmont to create
affordable units for on in perpetuity for this project.
In perpetuity is a very long time and well at least for the
15 years of the requirement and Beyond.
Okay, I appreciate that. Thank you, sir. Thank you, sir,
thank you. Um, we're all just for my uh, because I asked
this question, why did you choose the Chicago Community
Land trusts and not the Chicago Housing Authority, for
example.
For the 15%. Yes. Uh to make it more affordable for the
area residents. Uh we pursue the low-income House of trust
fund and to reach those families that are really in need of
affordable, housing at that level.
Okay, uh, Alderman. CEO Lopez. I don't see any other
questions, so would you like to close? Sure, thank you. Uh,
thank you. Chairwoman I I want to just thank you, um, for
helping us get this on the agenda. I know that there's
um this is a project is being a long time coming. So I
I appreciate the resurrection project working with us on
the financing of this important and badly needed, um,
affordable housing project, uh, as Alder mentioned, uh,
this is truly, uh, thinking about the average, median
income of a local residents in a time where our immigrant
Community doesn't have very much options. This is a project
that comes in a timely manner, I appreciate the um, the
creativity, I will say in terms of making sure that the
financing is not only in line with the need of the
community but is also what is possible out there. So I am
confident that this is a not only a necessary urgent
project but is 1 that will be successful. So with that I
would like um or colleague.
To ask him for a favorable support on this item. And I
think, uh, Mayor Johnson and all the members of the finance
committee for their support,
Are you moving to recommend do pass? All I recommend to do
pass on this item, thank you. All those in favor of the
motion signify by saying, I opposed in the opinion of the
chair of the eyes have it. The due pass, recommendation of
the substitute ordinances will be reported out at the
December 13th. Well tomorrow city council meeting, thank
you, Miss Jones.
ah,
uh,
okay.
You're making a motion all the Lopez, you're making a
motion for approval of item number 1, because they had to
be voted on separately. We just passed that. Um, is there a
motion to recommend approval for item? Number 2?
So moved by Alderman, CEO Lopez, recommending, do pass all
those in favor of the motion signify by saying I I opposed
and the opinion of the chair of the eyes have it and this
ordinance will be reported out at the next city council
meeting item number 3, is from the Department of Housing.
It's an ordinance concerning, the porting of tax increment
financing. Tif funds from the Cicero Archer and Midway
industrial coordinators. And to the Cicero Stevenson Tiff
in connection to the proposed Redevelopment of Lair, Cedar
Road Avenue in the 22nd. Ward
We're joined by Deana Wayne um financial planning, analyst
from the Department of Housing who will give us the
presentation morning. Thank you chair.
Is the chair said I'm here to discuss a tiff transfer
ordinance in which we are proposing that Tiff be ported
prior to the end of the year 3.5 million from the Cicero
Archer, Tiff and 2 million from the Midway quarter Tiff.
To the Cicero Stevenson Tiff. As you heard in the public
comments, it's anticipated. This money will be used for the
first phase of the Redevelopment of Lair courts and both of
those other 2 tiffs are expiring at the end of this year.
If we did not Port those funds, those would be returned to
the taxing D, tricks, and that money would be lost um for
the city to use in Redevelopment. So the project ordinance,
we expect to bring to this, uh, to be introduced to
Well introduced a council in February and come before,
Finance probably in March. So this is really just for the
porting of the funds from these 2 expiring tiffs
You can see on this Slide the uh, percentages of the Tif,
uh, Alderman Rodriguez. Has 99% of the cisero Stevenson
Tiff and has a large portion of the Cicero, Archer. Tiff
along with Alderman Tabares and Alderman Gutierrez, the
Midway industrial Tiff again, uh, alderman.
Alder person to Baris has a large portion. Alderman gutier,
is with 30% Mike Alderman, Rodriguez at 16% and Alderman
Quinn at 2.8%.
So again, we're here to recommend that the city council
will allow the transfer of funds from the 2 to the Cicero
Stevenson Tiff. Uh, again, most likely for the
Redevelopment of the first phase, the residential phase,
but some mixed use in the Cicero Stevenson Tiff. Again,
expected to come to council, the whole project to be
introduced in February of uh next year. Thank you.
Uh, thank you, Miss Wayne. I want to acknowledge Alderman
Ramirez, who's joined us for Quorum and also Alderman manah
hoppenworth who is not a member but has joined us this
morning. Um any questions from members of the
The committee.
Yes, chairman I'm I have my hand at this. David Moore.
I didn't see your hand up. All the more go ahead. I know
you did.
Alderman Moore.
Yes, you ready for me? Do you have a question? Yes, yes. I
just uh, wanted to know from um, btb did. Um, all the
aldermen were asked to sign off on this. Did they sign off
on it?
My understanding is yes, they have.
Thank you, chairman.
Thank you, Alderman, Rodriguez, do you want to close? Sure
thing. Uh, thank you so much, uh, to my uh, Council mates.
Uh, but significant, thanks to the community members who
showed out in force today to demonstrate uh, the commitment
that the communities had towards this project over the past
5 years. We have the Southwest Collective Hurst Community
organization Greater Southwest Development Corporation
community members. But also want to thank uh labor who's
labor who's been a steadfast partner in this clay diet here
from the laborers. Uh, thank you for your work on this, uh,
as well as elected officials on every level of governments.
Uh, dpd you have done, uh, good work in this matter. We've
got more to do, but this development represents
potentially, the largest, uh, investments in the southwest
side of Chicago in, in, in my time here, and potentially in
my, uh, in my lifetime after, uh, Midway Airport.
Um, this project will be a catalyst for so much more
Development. I've gotten so many more comments and
questions about empty. Lots in that area. Uh, we will be
filling them due to this great, uh, Investments. Today, we
are getting um, jump started on the affordable housing
developments, uh, and on uh the Early Childhood Center that
was talked about by Chicago comments today, a great
Community partner. Um, look
Governor pritzker just yesterday, um, signed executive
order, um, pushing, uh, the fact that our state needs more
affordable options for Working Families, um, we need to be
on the Forefront of this and the fact is this project is an
an absolute gold star. Um, I'm looking forward to having
of my colleagues, support me today. Support my community
community today on what is an excellent development? Thank
you, madam chair as well on your efforts. Thank you very
much. Uh, Alderman Rodriguez, is there a motion to
recommend? So moved by Alderman Bernett.
Recommending do pass all those in favor. Signify by saying I
I oppose and the opinion of the chair of the eyes have it
and we will report this out at the next city council
meeting which is tomorrow.
Item number 4.
From the Department of planning and development and
ordinance. Amending the authorizing ordinance for a
Redevelopment agreement with Hudson Michigan Avenue owner,
LLC to provide tax increment. Financing funds for
improvements at Hudson house, located at 2222 South
Michigan Avenue in the mighty Third Ward.
In an amount, not to exceed, 10 million.
We have a presentation by Jeffrey Cohen. Deputy
Commissioner from the Department of planning and
development.
Good morning, good afternoon, chair D and his team members
of the committee on finance for the record. My name is
Jeffrey Cohen. Deputy Commissioner with the Department of
Planning and Development. I'm here. Today seeking your
approval to amend the authorizing ordinance of an
unexecuted Redevelopment agreement between the city and
Hudson, Michigan Avenue owner LLC which is previously
approved by this body in July of 2023, allowing for the use
of up to 10 million. In Tiff assistance to redevelop the
historic Hudson Motor Company building into a mixed-use
residential and hotel property.
Dpd is seeking modifications to 2 aspects of the existing
ordinance. 1 being the tip, dispersement and Milestone
structure and the second the change in scope to include
only a boutique hotel and complimentary retail uses. These
modifications are necessary at this time, to address the
expiration of the Michigan, cerm, active district and
provide a change in scope. That is able to secure financing
in the current current capital markets.
uh, as a refresher for the committee, the subject property
is 2222, South Michigan, Avenue, located in the Third Ward
represented, by a chair dowel. It's in the near Southside
Community area and the Michigan serum active Derk, which is
expiring at the end of 2025.
Uh, Cher dowel is in support of this project and the
proposed modifications. And we've also received support
from Alder, Robinson of the fourth ward.
Subject property outlined in red, is located on the west
side of Michigan Avenue, just south of cerac Road.
The property is in with walking distance of McCormick
Place. The CTA surmac Green Line, station and win, trust
Arena. All of which are a benefit to the project as a
boutique hotel.
Designed by architect, Alfred Allure a prominent Chicago,
School architect, who is also designed the London guarantee
building and the former gold plats department store. The
property is was completed in 1923 as a Spanish Revival
style, building originally built as a showroom for the
Hudson Motor Company. However, it has been vacant for
approximately 20 years is Terra Cotta facade. An integral
part of Motorola Landmark District along with Michigan
Avenue, uh, along the Michigan Avenue corridor from 4014 to
25 Street, which is designated as the landmark District in
2000.
Uh, shown here is the interior of the building's. Former
first floor showroom. As you can see, the historic features
here include tiled floors, a decorative columns and they
all remain largely intact that said, the majority of the
building has experienced heavy deterioration and requires a
significant investment in order to bring it to a state of
good repair.
Hudson Michigan Avenue LLC is the single purpose entity
established by ownership to facilitate the Redevelopment of
the property. This entity will be managed by Israel. Adana
founder of the impact fund and former Bears defensive end
and tbbor Helman CEO of Kellerman company, and established
vertically integrated real estate investment and
development firm.
Calling construction has been engaged as the owner's
representative for the project for this project, and will
be spearheading the coordination with McHugh construction
and brown and Men. Uh, men. JV as general contractor
Fitzgerald has been engaged as the lead architect and
whitespace and Nathan Michael are in charge of interior
design and branding respectively.
Uh, post construction, the property will be managed by
Kellman company and it will also bear a curio by Hilton
flag.
Uh, dla Piper and Cohen Resnik is representing ownership as
Council and Tax Advisor respectively.
The project will renovate. The former 130,000 square foot
Hudson Motor Company building into 154 key boutique hotel
with just over 51,000 square feet of commercial and retail
space.
The hotel will carry the curio by Hilton flag and will
feature Speak Easy restaurant, event, space fitness center,
and a rooftop, pool and bar.
The scope of work for the project is significant and
conclude and includes a total replacement of the existing
Building Systems, including the installation of a new
elevator, a full interior restoration, and repositioning of
the lobby and uh uh, vertical control, vertical floors, uh,
as well as roof, and masonry replacement.
the nearly 75 and a half million dollar project represents
a full Rehabilitation of the building and is expected to be
completed within 12 months once construction convinces
Uh, in addition to the 10 million of T assistance, the
project will be funded with 11.6 million of developer
Equity approximately 41.5 million of senior debt 10.3
million of historical, uh federal tax credits and $2
million in key money provided by Hilton, in support of the
project.
Total hard costs represent nearly 70% of the project.
Budget demonstrating a significant investment in the
property with acquisition and soft costs. Representing the
remaining 30.
As previously stated this committee approved, the original
authorizing ordinance in July of 2023 to provide up to 10
million. In Tiff assistance, the amount of which will not
change under this amended authorization the purpose of
amending. The authorization authorizing ordinance is a is
to address the many obstacles that have prevented
commencement of construction including a difficulty in
securing financing for the original project scope and
Redevelopment plan a high interest in restrictive, lending
environment and additional time for planning and design to
address the revised scope and development plan.
To overcome these hurdles, it is necessary to, as I said
before, amend the definition of the project scope based on
the revised development to accommodate current capital
markets conditions, as well as revised the financial
structure to accommodate the expiration of the Michigan
serum. Mac tip District
As stated the Redevelopment agreement is structured to
provide the developer with up to 10 million in Tif funds.
Dpd is seeking to modify the structure and dispersement of
these funds, to accommodate the expiration of Michigan,
serum active District, which will also provide additional
interest cost savings.
Sim similar to previously approved requests to accommodate
Tiff expirations. The modified structure would consist of a
3 million conditional loan to be dispersed shortly after
RDA closing and prove up of Tiff eligible expenses and a 7y
requisitions upon proof of Tiff eligible. Expenses during
the construction period. The final draw will have to be
before the Tif expires.
A portion of the loan will be forgiven each year as long as
the developer and project remain in good standing
throughout the compliance period. If this project is not
received a a receive a certificate of completion prior to
the TIF district, expiration developers required to provide
the city with a letter of credit to protect the city's
interest and ensure a project completion.
Additional City protections included in the RDA, will
require the developer to maintain occupancy at no less than
75% for the retail square footage.
Uh, they will also require maintaining the continued
functioning of the event space, as such, the city is
included, a flip provision. Encumbering the sale of the
property during the compliance period, as well as a
springing letter of credit. If construction is not
completed prior to the expiration of the TIF district.
um,
as I also mentioned, a spring letter of credit, if
construction is not completed prior to the expiration will
be required. And the city will also have typical
subordination recapture mortgage, as well as mwbe City
residency and construction, uh, City, residency, and
prevailing wage.
Upon completion. This is the exterior rendering of the
project which maintains the Terra Cotta facade. You can
also see the rooftop Deck with the pool and restaurant in
an effort to maintain the historic character of the
property. These elements will generally not be visible from
the public way.
Overall dpd is in support of this project and proposed
modifications. The project will not only restore a city of
Chicago landmark and maintain the historic Integrity of
motor row but also Advanced a critical Redevelopment site
that has been a long-term priority for the neighborhood.
The project will build on a broader Citywide goal of
establishing motor row as an Entertainment District that
supports and complements McCormick Place and win trust
Arena.
Additionally, hotels are a good investment for the city as
they generate both sales and real estate tax revenue as
well as provide well-paying jobs.
The project will provide 50 to 100 permanent jobs and 195
temporary construction jobs.
For these reasons. And to advance this long-awaited
Redevelopment dpd is recommending your approval for this
amendment authorizing the ordinance.
Uh, I'd like to thank the committee for your favorable
consideration of this request. And I am also joined by the
development team. Uh Israel Dana J, TARC Helman, Katy Dale,
and an Moroni. We're happy to answer any of your questions.
Thank you, Mr. Cohen. Um, the first hand I saw go up was
uh, Alderman Moore.
Thank you so much chairman. Um, I I remember this project.
so I just want to um when we um passed the approval of the
on it and I just want to commend you because we do have
some challenges when we're trying to do development in our
communities uh you know with sometimes changes and costs
and everything. Um price is going up that we sometimes
don't get off the ground right away and it does take some
time. So, first of all, I want to commend, you chamber for
sticking with it but also, um, as a, uh, person that's big
on Sports, uh, and, and I always pushing
athletes through, uh, who have either served in our
community, come from our community made money in our
community to reinvest back in our communities. I want to
commend um Israel Adana and his team and especially him in
particular because I I think this was his passion to come
back here and add value to our uh, continue to add value to
our city. So I want to thank you for sticking with the
project, um, and um, making sure that it went forward and
I'm confident
with people like um Brown and moment on the project that you
know, and also under your leadership chairman that the
representation of especially African-Americans um are going
to be represented on this project. Also, stood will unite 1
just recently at another Downtown hotel, um, for them to
make sure they got Fair wages and I want to make sure that
they uh encourage these unions to work with the developers
because that's good with you. You continue to stand with
these developers um to make sure that this project get off
the ground. Um well so with that said, I know other people
want to talk but I moved to pass on this item.
Thank you Alderman, Moore, hold your due pass, Alderman.
Lee has the question
I have more of a comment than anything I would be remiss
not to, uh, just say how happy I am, um, at the expansion.
I was in support of this the first time, um, as a neighbor,
um, and then near South Region. I think this is an
incredible addition to the neighborhood. Um, and really, we
all have a stake in what happens in this area. Um, and I
really, I want to thank the the dpd folks. Um, once again
for coming through with, uh, good Creative Solutions, to
empower these projects to continue when we run into
obstacles that are completely outside of 1's control. So,
um, really thrilled to see the expansion and and the
additional opportunity. It's going to provide. So
congratulations. Thank you Alderman. Lee I wanted to take
an opportunity to thank uh Israel Adana who is here with us
and his team for your investment in the ward.
Period, uh, the successful signature, uh, bar. And this I
think it's called the Staley. That's going to open up,
where crolls was and now this investment, um, the residents
of the ward, and the city are thankful for your commitment
to the city of Chicago, uh, with that said, Alderman, Moore
move, yes Alderman, vice mayor Bernette
So when you say his team, are you talking about his
football team or you talking about just just kidding. Just
kidding. Congratulations. Okay, thank you. Um, with that
said, uh, Alderman Moore renews his motion recommending due
pass, all those in favor. Signify by saying, I
I post and the opinion of the chair of the eyes have it and
this item will be reported out at the city council meeting
tomorrow. Thank you very much, Mr. Cohen, thank you very
much Mr. Adana moving on to item number 5, an ordinance.
Amending the authorizing ordinance for a Redevelopment
agreement with BR Congress owner, BR Co LLC and Congress
the NFP to provide tax increment, financing funds for
improvements at the Congress. Theater located at 2135 North
Milwaukee Avenue in the First Ward we're joined today by uh
Mr. Cohen who's also going to give this presentation?
Full screen again.
Brian, can you help me?
All right.
Uh good afternoon again Sher dowel and esteemed members of
the committee on finance for the record. My name is Jeffrey
Cohen. Deputy Commissioner in the department of Planning
and Development. Again I'm here today seeking your approval
approval to amend the authorizing ordinance of an un
unexecuted Redevelopment agreement between the city and BR
Congress owner, LLC Congress Theater NFP in support of The
Rehabilitation of the historic Congress Theater, which was
originally approved in July of 2023,
Dbd is seeking authorization to restructure the Tif
dispersement Milestones convert funds from a grant to a
forgivable loan. Add an additional $250,000 in in City
assistance and increase the number of affordable
residential units from 14 to 16.
Again, as a refresher, this the Congress Theater is located
at 2135 North Milwaukee Avenue, within the Logan Square
community area. The First Ward represented by Alderman
laspada who was in support and will be utilizing increment
from the Fullerton, Milwaukee TIF district.
Uh, the subject property highlighted in red is located at
the corner of Milwaukee Avenue in Rockwell Avenue, roughly
midway between the cta's. Western and California. Blue Line
stations. This infill location is along. 1 of the primary
commercial centers of activity, connecting the woodworker
Park Bucktown and Logan Square neighborhoods similar to
other cities supported cultural and arts projects. The
Redevelopment will act as a crucial Economic Development
Catalyst for the corridor.
Uh shown here is the current exterior conditions of the
Congress Theater. Looking Southeast down Milwaukee Avenue.
Uh, the building was originally constructed in 1926, as a
2900 seat, Movie Palace for Lublin, lubliner, and trenz and
Trends. 1 of Chicago's largest cinema operators. It was
built in the typical theater block style, which combined
the theater with ground floor, retail and apartment
buildings. At 1 Point, the Congress leader was 1 of more
than 30 movie palaces of similar size with only a handful
now remaining in the country.
Uh, Congress was the Congress Theater. Was continually used
as a movie theater until the early 1980s, when it began to
be used more frequently as a concert venue.
Uh, it has been vacant and unoccupied since 2013.
Uh, the Congress Theater is a designated City of Chicago
Landmark with significant interior and exterior
architectural features contributing to its historic nature.
The designation was notable in that it was not just limited
to the building's exterior, but also included the theater
Lobby, the historic lighting fixtures, and the audio
Auditorium shown the auditorium itself shown here.
Uh, further evidence of both, building deterioration water
damage can be seen at 1 of the stairwells, in the, uh, in
the interior lobby. At the same time, the history of the
building is obvious, in the Iron Work, Guild columns and
decorate decorative arches.
The deteriorated is evident also in the fast in all facets
of the property, which in certain cases are much worse than
what is depicted here. The damage to the walls and ceiling
is obvious. These are not cosmetic issues, but are the
result of significant water infiltration into the building
and na nature taking its course over the years.
Overall, the deterioration of the building has reached a
point where the future of the Congress Theater as a whole
May soon be in Jeopardy. As this deterioration,
unfortunately will continue to accelerate through another
Chicago winter, if not addressed
Development project will be led by bomb revision. A
well-known Chicago based developer with an established
track record in successfully completing historic
preservation projects.
They are working with Woodhouse tenui Architects and
norqain is general contractors both of which have
demonstrated similar successes bomb will be operating the
project in partnership with AEG presents who will lease the
theater portion of the building and be the primary operator
of the theater component upon. Completion bomb will be the
primary manager of the residential and Commercial
components.
Uh, Dy has been laid Council for the development team
throughout throughout and continues to represent them
through the negotiations, and selection of a primary lender
and historic tax credit investor, which are currently
ongoing and will be finalized in the coming months.
With this committee's approval, the development team will
be in a strong position to immediately commence the
long-awaited restoration of the Chicago landmark.
This will consist of the complete restoration and
renovation of the theater to a state-of-the-art 4,900 seat,
live music venue construction of 13,000, square feet of
retail space, 23,000 square feet of affordable below market
rate, uh, space dedicated to local nonprofits and Community
groups and the development of 16 affordable residential
units. The project is a comprehensive rehabilitation of the
entire building including the restoration of the historical
significant interior and exterior features and replacement
replacement of all major, MVP systems, interior demo and
weatherization, will commence immediately upon RDA
execution, with major Construction commencing in March.
Construction is anticipated to include in June of 2027.
The development team has gone to Great Lengths to maintain
construction costs for this project since the original
authorization as the increased modestly to 88.1 million.
The project will be funded through 21, 20 and a half
million dollars in developer Equity, 20 million in lender,
financing 14.2 million in historic federal tax credits and
up to 27.25%. In Tiff assistance funded, from area wide
increment, in the full and Milwaukee TIF district.
Very purpose of amending. The authorization ordinance is to
restructure Tiff. Dispersant Milestones to provide a
pathway of navigating, a very difficult Capital Market for
projects of this size and nature.
This is, as well as incurring. Unnecessary interest costs,
which would otherwise impact the overall project budget
making the project financially unfeasible.
Although the development has been able to keep the project
budget, largely stable and additional 250,000 dollars, in
assistance is warranted to address City mandated, sealing
of the basement and is necessary at this time in order for
the project to move forward. So that interior Demolition
and winterization of the property can commence again before
another Chicago winter. Like today is takes, its course,
To that end, the Redevelopment agreement will reimburse.
The developer for up to 2 7. 2 5.
The Tif funds will be dispersed as a forgivable loan in 4
installments. A total of 24 million will be provided during
construction. In 3 tones of 8 million. Each 1 sufficient,
to eligible costs have been incurred. The final 3 and a
quarter million will be released at the 1 year, anniversary
of certificate of completion. This structure has modified
will generate approximately 1.025 million in interest cost
savings.
A portion of the loan balance will be forgiven on an annual
basis throughout the compliance period. Provided the
project remains in good standing. Additionally, the city's
investment will be protected by a Provisions. In the RDA,
that require at least 75% of the retail commercial and our
units to be leased and occupied and that a AEG continuously
operate the theater for no less than 10 years. If these
conditions are not met, then the city has the right to lean
the property in order to recapture previously, dispersed
Tif funds.
In addition to the affordable housing units, the RDA also
requires a developer to provide both the retail and
Commercial spaces with rents that are no greater than 70%
of market rate. Additionally these spaces must be leashed
to locally, owned businesses neighborhood, organizations or
local artists.
As mentioned the Covenant of the rdas to provide 16
affordable residential units. These units will be located
along the Milwaukee Avenue. Frontage the south of the
theater entrance and will provide a studio and 1-bedroom
units,
Uh, upon completion in the project, we'll see Congress
Theater fully redeveloped with historic elements restored,
including the historic Marques. Shown in this rendering.
And similarly, the project will remain the historic
Integrity of the auditorium's Interior, while while
modernizing the facility and bringing it to a state of good
repair, that will ensure the building remains part of the
community for another 100 years.
Overall dpd believes the use of Tif is critical to ensure
the rehabilitation of the conquest theater. The project is
in Extreme Complex Endeavor. Giving the extraordinary cost
associated with restoration of the historically significant
elements and the overall development constraints on the
property, the use of Tiff is necessary. As this depend, as
this development, would not move forward, but for an
investment of public funds,
Despite the cost, the project will still deliver
significant benefits to the community and the city, the
project would first and foremost result in the restoration
of the city of Chicago landmark and the reactivation of a
building that has been vacant for the past decade.
Second the RDA provides for a number of us to give and
benefits including creation of 16 affordable housing units
as well as the creation of dedicated affordable space for
local businesses and Community organizations at below
Market rents.
lastly, as demonstrated by similar redevelopments, like the
remova theater, the project will assist in Industry that
has been slow to rebound from the impacts of Co 19 as well
as provide a catalyst to attract additional businesses to
the corridor and further, Economic Development
opportunities, creating additional revenue for the city.
Furthermore, the project team has built a coalition of
support from both neighborhood and Chicago based
organizations, including the Logan Square Chamber of
Commerce preservation Chicago and the Chicago Federation of
Labor
For all these reasons dpz dpd is a support of both this
amendment and the larger project. And we asked the
committee for their favorable consideration consideration
of this request. I'm joined today by Jonathan Reynolds and
Andrew Scott from the development team and we are happy to
answer any of your questions.
Uh, thank you, Mr. Cohen. Uh, for those of us who might
have noticed that 1
Projects of the Hudson. Had a spring letter of credit, and
this project does not have a springing credit of let of
credit, even though they both shared the same flip and
profit. Sharing Provisions, can you explain why? There's a
difference?
so with the Hudson Michigan project, the TIF district
expires at the end of 2025. And if there's any delays in
the construction and that tip, and the construction is
ongoing after the expiration,
That is there to protect the city's investment. Whereas this
project is likely to be completed prior to the expiration
of the Milwaukee, TIF district in 2027. Okay. Thank you.
Alderman laspada.
May I reserve the right to close. You are closing. All
right. Well then I will say
it.
It's exciting to be here.
In This Moment, uh, in part because there's a few times
I've seen the development that every
Square foot of the building.
Solves a problem for the community for arts groups at risk
of displacement and our neighborhood. This building
provides affordable spaces for them to continue their work
for the hundreds of workers in our commercial retail
spaces, along Milwaukee Avenue. This provides apartments
for them to live in provides Art Space. We you and I had
talked previously about the catalytic impact of this
development. We are already seeing it in the interest in
vacant, Lots vacant storefronts along Milwaukee Avenue. And
that's only going to get stronger and I I'd be remiss if I
didn't think 3 people in this moment.
The photographs up here from Colin boil.
My thanks to him and to Mena Bloom for helping to tell the
story of the Congress Theater. My thanks to
Deputy Commissioner Jeff for walking this road with us. Um,
but particularly to David Baum and his team who I first had
the pleasure of meeting on this several years ago.
it has been a difficult road to walk to get here, and we
have a difficult road, yet ahead, but every time we kept
taking a step on this, every time we had a potential
setback, they never abandoned this project and it speaks
not only to their professional expertise, but the strength
of their character and their commitment to this
neighborhood and to the city.
So I'm really glad to be here today for this project. And I
would move to pass on this item.
Okay, motion made by Alder and laspada. Recommending do
pass all those in favor. Signify by saying I I opposed and
the opinion of the chair, the eyes have it. And the do
pass, recommendation will be reported out at the next city
council meeting and, uh, Jeff. I just wanted to also thank
you for your work and also uh, Tim Jeffries for his work on
the Hudson. I neglected to do that. Thank you.
Moving on, we will hear item 6 through 12 and item number 1
on the addendum together, but we will vote on each item
separately. Um, the first 1 is an ordinance, concerning 6
is an ordinance concerning, the Second Amendment to the
Englewood neighborhood tax increment financing
TIF district, the Redevelopment plan and project that
covers the 6161 17th and 20th Wards an ordinance
concerning. The First Amendment to the Lawrence kedzi tax
increment financing Redevelopment plan and project to
revise the expiration date in the 333rd and 39th Ward. An
ordinance concerning the Fourth Amendment to the lake
Khalid Area Industrial tax increment, financing
Redevelopment plan and project to revise. The expiration
date in the 7th 9th and 10th wards
An ordinance concerning the 5th Amendment to the central
West tax increment, financing Redevelopment plan and
project to revise. The expiration date in the 27th and 34th
Wards and ordinance concerning the First Amendment to the
South Chicago tax increment financing Redevelopment plan
and project to revise. The expiration date in the seventh
and tenth Ward. An ordinance concerning the First Amendment
to the Lawrence Broadway, tax increment, financing
Redevelopment.
Plan and project to revise. The expiration date in the 46,
47th and 48th Wards. An ordinance concerning the Fourth
Amendment to the Belmont Central tax increment financing
Tif Redevelopment plan and project uh to revise the
expiration date in the 3031 and 36 Wards and from the
addendum and ordinance concerning the First Amendment to
the 63rd in Pulaski tax increment we development plan and
project to revise the expiration date in the 13th and 23rd
Wards we're joined today.
We're joined today by Tim Jeffries managing. Deputy
Commissioner from the Department of planning and
development.
Tim, uh, good afternoon, chair dowel and members of the
finance committee, uh, for the record, my name is Tim
Jeffries managing, Deputy Commissioner, uh, of the
Department of planning and developments, uh, Bureau of
Economic Development.
Uh, I'm here today to request your approval of the extension
of 8. Tif districts that are currently scheduled to expire
on. Either December 31st 2024 or December 31st 2025 as well
as review. The the framework of the dpd developed, which
identified these uh specific districts as extension
candidates.
Uh, as you all know Chicago's Tif program is on the
precipice of significantly changing.
Yes.
Uh, specifically, there are 47, Tif districts nominally set
to expire, uh, through the end of this year, uh, until
December 31st of 2027 in total. This represents nearly 40%
of the city's 121 currently active Tif districts. Uh, these
expiring districts are shown on red in this map and as you
can see, it is an issue that will meaningfully impact every
part of the city.
Uh, for a number of reasons, though, simply, extending all
47, Tif districts isn't an option. The first being that
there are simply too many, uh, and the Illinois General,
General Assembly has historically limited to the city to
Just 4 extensions per session.
Uh, the second is because the housing and economic
development bond, that was approved in April, were relies
on funds returning, to to the city from these expiring
districts to support necessary Debt Service.
Uh, the goal of the bond. However, was never to result in
the end of the Tif program, though. Rather the intention
was that the bond provided a more flexible Tool, uh, that
would allow the city to rightsize its approach to Tiff and
focus, its use to areas where it is most appropriate and
necessary. Uh, meaning the dpd has always intended to
consider pursuing extensions.
Where possible and appropriate.
uh, during the approval process for the bonds, the question
of which Tif districts would specifically be extended was a
frequent question, uh, and although dpd did not have a full
list at that time, we made a commitment to develop a
framework that would identify which TIF district should be
extended in a way that was Data driven objective and
transparent. And we have done just that
Uh in creating this framework dpd's goal was to identify
districts that met 2 critical criteria.
The first is, uh, extended to Tif districts should be
located in parts of the city that are disadvantaged. Uh,
and this invested as defined by demographic and
socioeconomic indicators.
Uh the second is that extended Tif districts should have
sufficient revenue and use to Warrant an extension, meaning
that a district is both generates funds and that is
actively used to support Redevelopment projects.
Uh, should it should a district demonstrate these factors?
Then they should be considered for an extension and if they
they do not uh, either because they are located in a
relatively affluent area or have a lower levels of funding
and usage, then they should be allowed to expire.
Uh, to identify where these where these factors were
present, uh, dpd, undertook a statistical analysis of those
criteria for all 47 districts, that are pending expiration.
Uh, the first Factor, uh, the overall socioeconomic need
for that dpd. Generally relied on data from the US Census
to find the demographic characteristics of each district.
This included uh data on home value household income,
income, unemployment rate, uh, an overall poverty among
others. Uh in addition, the Census Data dpd also utilized
uh, data on the number of city-owned vacant. Uh, Parcels in
each, TIF district uh data which is readily available on
the city's open data portal.
Uh this this data was aggregated and mapped uh by each
census tract that fell within a within a given TIF district
either in whole or in part uh the map on the right shows
what this looks like for the 47th and King TIF district.
I'll note though that the total area of tracked 3806 for
3806 for example is significantly greater than other other
districts. Especially if you compare it to 30819, which
only has a small sliver in The District, in order to
account for this, for this dpd utilize, the concept of a
weighted average to ensure that tracks that had more area
within a TIF district, had a greater impact on the overall
average figure than track than tracks with less coverage.
Um, when this analysis was complete dpd had a single
weighted average for each of the data points, listed on
this screen for all 47, Tif districts,
Uh while this was useful data and many, many of the data
points are in congruent to 1, another and cannot be easily
compared uh the median, household income and poverty rate
data. For example, they have different formats and they
can't and they mean different things relative to 1 another
Uh, to address this dpd, use use these weighted averages to
calculate the percent difference. For each data point for a
specific, TIF district against the Citywide, average for
that, same data point, for example. Chicago's median,
household income is approximately 72,000 in 40, in 47th, in
King TIF district. That's just uh 46,000 uh or 43.8% less
meaning for the purposes of this analysis, the median
household income figure for the 47th in King, King TIF
district was used as negative 38. Uh, the benefit of this
approach is that we've made these figures congruent with 1
another and we can now combine them in a standardized way.
Uh, this allowed dpd to add the figures together into in
order to establish a single figure that represented all of
the demographic data that we had collected into a single
socioeconomic need score. Um,
And the result of that is shown here, uh, with the 10th
districts that have the greatest overall socioeconomic need
on the left and the the 10 with the least socioeconomic
need on the right. Uh as you can see the the areas of
greatest need are exclusively on the South and West sides.
While the areas at least in need are either immediately
surrounding downtown or on the north side.
Uh, in addition to the uh analysis of the socioeconomic
needs dpd also reviewed the overall Financial capacity of
each Tiff. Uh this approach to the analysis was
fundamentally the same but utilize data related to the
finances of each specific TIF district, including the
actual revenue generated by that TIF district in 2024 and
the total amount of funding allocated to each, TIF district
over the past 5 years. Uh, each of these figures were then.
Similarly benchmarked against the Citywide average to that
corresponding figure, meaning 3 million dollars in annual
revenue and 8.8 million in total allocations.
Uh, these individual data points were then once again
combined to create a single Financial capacity score that
is shown here. Uh, once again that the districts with the
least capacity are on the left and the districts with the
most capacity are on the right. Uh, the results of these
don't have the same, uh, degree of geographic correlation
as the socioeconomic score since the size of a TIF district
meaningfully impacts. How much revenue it may generate. But
that said, the districts with, with the, with the greater
Financial capacity are all once again exclusively. Either
immediately surrounding
Downtown or in the, on the north side.
Uh so these socioeconomic and financial capacity scores
were independently calculated. But our goal of the
framework was to evaluate the degree to which these factors
are present in both present, in a single TIF district. And
so, to accomplish this, uh, we simply added these 2 scores
together to create a combined score for each TIF district.
Uh, once that was done, we ranked the scores from lowest to
highest and it formed a ranking of which of of this
analysis that showed the districts that were most, that
should be most prioritized and least prioritized and dpd's
rankings ultimately follow that order. Um,
Uh, in the end, uh, we would be recommending that 18 of the
47 Tif districts set to expire on or before December, 31st
2027 be extended. Uh, this number was determined because it
allows the city to maintain sufficient debt service,
including a reasonable margin of error for the housing and
economic development, Bond while still focusing, the use of
Tiff on the parts of the city where it is most needed.
Uh the first 9 of these districts are located are identified
here along with their overall Rank and scores and they
include uh Englewood neighborhood, Chicago Central Park,
47th and King Lake kalt. 47th in Hallstead South, Chicago,
Commercial Avenue, 87th and Cottage, Grove and 47th in
Ashland. I'll just note that the 3 listings on the other
slide are the, uh, requests for today. Uh, anything that is
not involved dpd, anticipates coming back to Council in
2025, and 2026 after these, uh, in in the future.
Uh,
Uh uh it just continuing on the remaining districts are
Central West with an amendment. That I will describe in a
few slides, Avalon Park, South South Shore, Lawrence
Broadway Rossland Michigan 1119 in Hallstead Belmont.
Central Lawrence Kedzie 63rd in Pulaski and division home
in
Uh, I'll note that the 4 districts uh, are below a line on
this chart, uh, that these are are generally falling below.
Dpd is cutoff point. But each of these 4 districts, uh,
were authorized for an extension by the general assembly
prior to both the approval of the bond and the the
development of this methodology, uh, given that the
decision was made to still Advance these for consideration
because departments and sister agencies have been working
on projects with the belief that these would be extended in
the future.
Uh, just presenting the same data in a more visual way. Uh,
this is a scatterplot graph that shows how each TIF
district scores relative to 1 another, with the x-axis
showing Financial capacity and the y-axis, the overall
socioeconomic need uh when these combined you can see that
they all fall into a specific quadrant representing high or
low socioeconomic need and high or low Financial capacity.
Uh, the upper left quadrant represents a high high,
socioeconomic need and a high Financial capacity. This is
where we should be seeing the recommendations that we have.
and in fact, that is where the vast majority of our
recommendations are coming from that are identified in
green. Um, we believe that this is evidence that the the
methodology and the framework that we have established is
accomplishing what it set out to do.
Uh finally as mentioned the, the critical component of this
is ensuring that any proposed extension will not negatively
negatively impact. The city's ability to have sufficient
Debt Service for the housing and economic development Bond.
Uh, this chart shows the cumulative incremental, property
taxes returning to the city. Um, assuming that the
districts that I just uh, identified are extended along
with the anticipated, annual Debt Service with the red
line. Um, and if the green bars are greater than the red
line, then the city has capacity to support the bond. Uh as
as you can see, although the line is closed in 2030 and has
the margin of error of about 4.6 million dollars, these
recommendations, do still ensure that there is sufficient
capacity to support the bonds
uh that in general is the overall framework that we
established in our specific recommendations and on the
basis of that dpd is currently seeking council's approval,
to extend 8 of the 18, Tif districts, um, that were
identified therein.
Um, specifically, those are identified in this map and
include 5 districts that are slated to expire at the end of
this year, as well as 2 others that are slated to expire at
the end of December 30th 2025.
Um, I can provide a bit more detail on each of these
quickly.
Uh, the first proposed extension is 633 in Pulaski, which
is primarily in the West Long community area, as well as
the 13th and 23rd Wards. It's primarily focused on the
neighborhoods commercial corridors of 63rd Street and
pollasky Road. Um, if extended the Tif is expected to
support the construction of an Annex for Hubbert High
School which is uh, currently critically overcrowded.
uh also being proposed is Belmont Central, which is
primarily within the Belmont Craig and community area, as
well as the 30th 31st and 36th Awards. Uh, as, as you can
see, it is also primarily located along, the commercial
corridors in the neighborhood, including Fullerton, Avenue,
diversity, Avenue, Belmont, Avenue, and Central Avenue
Uh, if extended, the, Tif would support ongoing, Chicago
Park District projects, at at Craig and chopan and black
Blackhawk Parks, as well as additional funding rounds of
the small business Improvement fund program.
Uh the next district is Central West, which is within the
near West Community area and has a majority of the district
within the 27th Ward. Ugh, this district is different than
the others in that. It has 2 areas that are distinctly
unique from 1, another, those roughly divided by Ogden
Avenue. You have the uh, West Loop on the east side of
Ogden and a more residential and industrial area. On the
West Side, um, dpd is requesting an extension of this
District. But, um, we're also affirming on the record that
we will be returning to City Council in 2025, to amend the
boundaries of this, TIF district in order to reduce its
overall size and remove the portion of the district within
the West Loop in order to allow those funds to return to
the city's tax base. Those are generally but not, these are
generally identified in yellow, but I'll just point out
that this is an initial plan and not a final 1, uh, but
these are the areas we generally be considering for
removal.
Uh, next is the Englewood neighborhood Tiff. Uh, this is
highest scoring uh TIF district in our framework and is
primarily within the Englewood community area that has
portions uh within the sixth 16th, 17th and 20th Wards uh,
uh, includes the areas, uh, primary commercial corridors
but also contains significant amount of residential area.
uh if it's extended we expect that the Tif will continue to
support several ongoing and plan projects including uh the
EU would project and the Thrive Englewood Phase 2 project
Uh next is the lake Calment industrial Tiff in the ninth
and tenth Wards. Uh this is the largest TIF district in the
city and it covers a significant amount of Aging industrial
industrial property in need of remediation and
Redevelopment. Um, if extended the Tif will support ongoing
improvements to the Illinois, Illinois, International Port
District facility as well as critical industrial
infrastructure improvements. Including an, especially the
the, uh, construction of an extension of Burley Avenue to
act as a freight route, through the area,
Uh next is the Lawrence Broadway TIF district, which is
entirely within the Uptown Community. Uh, and includes
portions within the 46 47th and 48th Tif districts. Uh, in
general. This is a, a co-terminus with the, uh, Uptown
historic district and the Uptown Entertainment District,
um, if extended, uh, this tip will be used to support the
Redevelopment of the Uptown Theater. Um, which is another
historic theater that is the largest in the city.
Uh next is the Lawrence kedzi TIF district, which is
located in the Albany Park, uh, community area and the 33rd
Ward with a smaller portions in the 39th Ward. Ugh, the
district is centered on Albany Park's. Main commercial,
corridors Lawrence and Kedzie Avenue but also includes
secondary commercial streets, as well as the residential
areas.
Uh, if if extended the Tif will support ongoing Park
District, uh, efforts at Ronan Park as well as the
development of affordable housing improvements at the Brown
Line Terminus at Kimball and additional rounds of the spiff
program.
Finally uh the last extension requested extension is the
South Chicago TIF district, which is in the South Chicago
community area and the 10th Ward. Ugh, the Tif is majority
residential but it does include portions of the
neighborhoods commercial corridors and is notable because
it is immediately adjacent to the proposed Illinois Quantum
and micro Electronics Park. Um if it's extended the Tif is
expected to support ongoing projects such as the sacred
Apartments um as well as other community supported projects
that are surely to be identified um as part of the ongoing
development of the IQ MP in the 8080 District.
Uh, that is the end of my remarks. Um, but I I think in
general DPP dpd believes that this framework and these
recommendations are a significant step forward for the
Department, uh, and and, and our approach to to Tiff to be
more transparent and more data driven. And for that reason,
I would request the committee's favorable consideration of
these extensions and I am able to answer any questions you
might have at this time.
Uh, thank you Tim uh, Alderman Moore.
Thank you, chairman. Um, I just want to speak on the um,
Englewood neighborhood tip and just think the
administration and Tim Jefferson, they're working.
Extending this tip is going to be critical, um, to, uh, uh,
making sure that, uh, we rebuild, um, the Ogden park
Fieldhouse. And so, I just want to thank him for extending,
um, um, that Tiff. And, um, hopefully we can see the
results of this extension, whether it was mainly, um, used
for, I mean meant for, and that is um bladed communities
like Inglewood and West Englewood, and a Redevelopment of,
and I'm glad you use those criterias and that uh, this
angle would, if neighborhood tip was chosen to be extended.
And so, I definitely, um, support that
Thank you, alderman.
Alderman laspada.
Thank you very much chair. Um, Tim could we go back to this
scattershot?
Um,
I found it. I found this all fascinating. I
I really appreciate in something that could be conceived as
a very political exercise.
to see very objective and informed metrics going into the
decisions that we're making, it was really helpful to look
at and it in a way like it puts me at ease with the votes
that were being asked to take around Tiff extensions.
I did have 1 question. Um,
Which and it kind of speaks to the central West.
where a high and you showed this on here, it's mainly like
the the top right quadrant
that would potentially give me concerns and swag. I'm glad
to see that we're not really drawing from that space where
High Financial capacity could potentially paper over.
In the scoring metric. It feels like to me low
socioeconomic need I could like and that's why in a way I'm
glad to not see fit in Milwaukee on the list but how would
we prevent that case where like potentially if you had
Like a negative -2 for socioeconomic need. But an 8 for
financial capacity, that that could result in a favorable
score unless I'm misreading the metric. Um, it I guess it's
it's it. It's the balance of both and I think that uh it it
also just the way the numbers are total. And I'll just
point this out here. It's like you can
see, for uh, and this some of these have a
8.3 is the high score for for, um,
For socioeconomic. But here with financial capacity, it's
only 3.4 3.1 depending up which way high or low. So I think
just as a function of the numbers socioeconomic is weighted
You know, 2 to 1 um from from from that because we just all
we did was add the socioeconomic to the to the to the
financial capacity. So that is a a
a downside protection just in your system in in our system,
but then I guess,
What we're saying is that these these numbers are what
we're epd is going to be pursuing or Tif districts that
expire through the year 202027. So you have our road map,
we're not intending to to to go off this. No, no, no, no,
it's a great, it's a great road map, I really appreciate
it. And I appreciate the
The point about coming back to us.
Around the map Amendment for Central West as well. Because
I did have concern about some of the geographic areas that
we saw in that. So that also is a really helpful
consideration in these votes. And I will just point out for
that that we um, conducted the same analysis for, uh,
Central West as a whole. And then we said, okay well what
if we
You know section it off and we did the analysis for that
independent area and so uh if you look at it as a whole it
would not have met our criteria but the area area as
amended did. So that's why we're requesting that or why Our
intention is to pursue the boundary as amended. No, that's
great. That's really great. Thank you. Thank you chair. Uh,
thank you, Alderman laspada? If you recall, when we passed
the uh,
Bond ordinance, uh creating the housing and economic
development. Bonds, we asked for
Uh, this kind of framework and uh, thank you Tim for I know
this is a lot of work but thank you so much for coming back
and presenting it. I wish we had more of my members here,
um but um we do have a comprehensive white paper if anyone
wants to have slog through 12 pages of methodology and
graphs. But you know we we created that with, you know,
with the goal of Mind of being comprehensive and you might
send it to every member here. I okay.
All right. Um Alderman Lee
Thank you, chair. I just wanted to join the chorus of uh,
thanks here. Tim I know that you've been working on you and
your team have been working on this for quite some time.
Um, and
I love what I'm seeing. Uh, I I think this is a really
objective and data driven way to, you know, evaluate these
tiffs. Um, so thanks for all the hard work. I I would be
very interested in the 12 pages is nothing compared to what
we've been reading. So like I'd love, I'd love 12 pages.
That would be light reading. Thanks for all the hard work
on this. I, I think this is a really great thing for us as
a city. I'll provide it to the chair and she can distribute
it to thank you.
All right, so now we have a
Alderman. Ervin.
Thank you uh Madam chair. Uh, I too wanted to just give uh
Tim and his team accolades for the work that they're doing
uh on these uh tiffs and giving us some a decent framework
to look at uh, for uh, for these types of evaluations. So
evaluations. So, again, just wanted to just thank him and
his team for the work that they're doing, uh, around tiffs.
And, uh, I know you had talked about the 1 part with the,
um, red line extension. Uh, what happens in any of these
bonding scenarios. If we the revenue was not there to uh,
support any uh, Bond and activity uh, as relates to these
Tiff bonds.
Um I think in general we have uh 2 options that we could.
Well the biggest option would be that we simply issue less
debt. Um so that we don't incur uh money down the line. And
I think, um, you know, we are required to provide uh, once
a year, uh, an updated chart, an updated data showing where
we're at in terms of actual expirations and actual, uh, uh,
Uh, bonds issued in The Debt Service for that. So at this
point we're we're we believe we're fine. But we'll be um in
in queue uh 1 or Q2. I'll need to check the ordinance of
2025 will be providing a full report that details that
information.
okay, but if we like let's say, you know, valuations Trend
the wrong way and um you know the revenue isn't there to
support the bond. Uh are we is, are these go bonds or are
these bonds strictly dealt with in the district or how how
how how, how is that situation remedy this? The revenue
isn't there? Um, so if, if the revenue, if we find that
we're short, the plan would be to, uh, simply issue less
debt. The we're authorized to use up to 1.25 million
billion dollars, rather, but that's not an obligation to
spend that money. So we would
Dpd and do would collectively reduce our planned
expenditures to get to a point where we can support the
amount of uh debt uh that that comes out of of these
expiring Tif districts.
And uh based on you all's estimation we're nowhere. We're
not in Peril for that you. I saw you said something around.
Maybe 2030. Uh there was a chance that that's where the
line got closest. Uh but right now everything's on track
for, you know, for that bond that bond to to pay for
itself.
That's, that's correct. We have a, yeah, it gets closest in
2030, but after 2030, it, it is not, not not even close to
the, to the line. So, we'll manage short-term cash flow
and, and monitor this to understand, which Tif districts
are expiring. And when, and where, and then, you know,
manage our manage, our cash flow.
And again, these are General obligation bonds though,
correct?
That's correct. Oh, okay. All right. My my mistake. I
thought these were revenue bonds, Tiff revenue bonds. But
these are Geo bonds. So we just pay it. It is what it is.
Okay, all right uh, that's all thank you, madam chair.
Uh, thank you Alderman, Ervin and I am here. You made a
motion to recommend approval of item 6 through 12 plus, the
first item on the addendum. Recommending do pass all those
in favor. Signify by saying I I opposed and the opinion of
the chair, the eyes have it and we will report this out at
our next city council meeting.
Thank you, Tim.
Item. Number 13 is a communication, transmitting reports of
cases in which verdicts judgments and settlements were
entered into for the month of October 2024 and the month of
November 2024. This was a direct introduction. If there are
no objections, these will be placed on the Omnibus. And the
item. Number 14 is the substitute ordinance, introduced by
Alderman, Ray Lopez and Alderman, Dowell, amending missable
code. 2 through 8, subjecting all recipients of settlements
or payments of claims to indebtedness. Check by the city
controller. There is a substitute ordinance which was
prepared and sent to everyone electronically. Is there a
motion to accept the substitute?
Motion made by Alderman Beal.
All those in favor. Signify by saying I opposed the opinion
of the chair, the eyes have it and we will hear from um our
our Deputy Commissioner of Finance Joe Flores on this item.
Um, but before he comes while he's coming up or you can
stay there if you want. Um I want to acknowledge uh
Former Alderman, Helen Schiller.
Who was joined us this morning and congratulations to
becoming. I just saw your website. I went to it yesterday.
Did you do that? Uh, metal. That's your metal work, okay?
So she's become a metallurgist.
This ordinance, uh, was uh, you know, Ray Lopez and I
getting together. Woo.
Um, but this ordinance, huh?
There is hope. Uh, keep hope alive. Um,
this was done because he and I as we sit through the
settlement briefings, we're always wondering if uh, an
indebtedness check has been made on the people who are
going to be receiving these settlement Awards and, um, we
wanted to just ensure that this is done at every every time
and Joe, I was wondering if you would just uh, put your 2
cents in this before we take a vote.
Hi, my name is Joe Flores. I'm the first Deputy Department
of Finance. I've been with the city for over 20 years. Uh,
Department of Finance currently has a process now for
performing debt searches for, uh, licenses permits. Uh, so,
this was just be rolled up within our current, uh,
operations and we'll coordinate with the law Department to,
um, you know, identify any debt.
And um, process any um, offsets with our uh, Department of
finances accounts payable division.
Thank you, Mr. Flores um,
Their Alderman Moore.
No, that was from the previous time. Chairman, I don't have
any questions. Oh, okay. Um, is there a motion to recommend
approval of item? Number 14,
and more.
So moved by Alderman, Moore, recommending due pass. All
those in favor. Signify by saying, I I opposed and the
opinion of the chair, the Isaac have it and we will report
this out at the next city council meeting item. Number 15
is a proposed ordinance authorizing. The payment of various
small claims against the city of Chicago, Chicago, it's a
direct introduction and the list of payments approved was
sent electronically to everyone. If there are no
objections, these will be placed in the Omnibus item.
Number 16 is a proposed ordinance denying. The payment of
various small claims against the city of Chicago. This also
is a direct introduction and the list of payments were sent
electronically to the list of payments denied was sent
electronically to everyone. If there are no objections,
these will be placed in the Omnibus as well.
Item number 17 or 2 proposed orders authorizing charitable
solution.
Solicitation on the public way tag day permits for a
Planned Parenthood Federation of Chicago.
Excuse me.
I'm tired.
Plan, Parenthood Federation of America Citywide January 1st
through.
June 30th 2025 and the American civil liberties Union
Citywide January 1st, through June 30th 2025. If there are
no objections, these will be placed in the Omnibus and
there being no further business before the committee. Can I
get a motion to adjourn? So moved by Alderman's baz. All
those in favor. Signify by saying I I opposed and the
opinion of the chair, the eyes have it finance committee is
over. Thank you all very much and have a great rest of the
week.