Amendment of Municipal Code Title 2 by modifying various sections governing City asset leases or sales

Legislation tracker › Finance › 36th Ward: Gilbert Villegas

• Record number: O2025-0018098
• Type: Ordinance; category: Municipal Code Amendments
• Status: In Committee (Referred)
• Sponsor: Gilbert Villegas (36th Ward)
• Committee: Committee on Finance
• Submitted Date: Jun 17, 2025
• Introduction Date: Jun 18, 2025
• Official record: Office of the City Clerk

Impact report

Written by AI from the official document. AI can make mistakes; the official document always wins.

This ordinance would change the City rules for selling or leasing City assets, such as which deals need extra review, public posting, and Council timing, and which contracts count as privatization.

Who it affects

• Chicago residents and taxpayers: The rules for when large City asset sales or leases must be posted online and reviewed before a vote would be updated.
• City employees: The list of contracts that do not count as a 'Privatization Contract' would be changed, which affects when City work handed to private contractors gets the extra review in Chapter 2-164.
• Private contractors and businesses: Companies that buy, lease, or run City assets or take over City services would face updated definitions and review rules.
• Drivers and parkers: The ordinances for the Chicago Skyway, downtown public parking, and metered parking leases must stay publicly available on the Department of Finance website.
• Water, sewer, and airport users: The ban on the City privatizing the Chicago Waterworks, the City sewer system, and public airports is listed in the law, except for airport concession contracts.
• City Council members and City officials: Asset sale or lease ordinances between $100,000,000 and $400,000,000 could not be introduced directly into a committee and would have to wait at least 15 days after introduction before a final vote.

What changes

• Large asset sale or lease ordinances ($100 million to $400 million) must wait at least 15 days after introduction before a final City Council vote.
• Proposed and approved City asset lease agreements worth over $10 million, with attachments and amendments, would be posted online for the public.
• The City's Chief Financial Officer and/or Comptroller would give quarterly updates on lease money to the Finance Committee chair and/or post them online.
• The definition of an asset 'Transaction' would be changed, including the minimum length of the deal, and sales or leases of vacant City-owned land that already need Council approval are addressed.
• The list of contracts excluded from 'Privatization Contract' review would be changed, including rules for contracts after losing federal or state grant money, limited to 180 days.

Money

• Ordinances to sell or lease a City asset expected to bring in more than $100,000,000 but less than $400,000,000 get a 15-day wait before a final Council vote and cannot go straight into a committee.
• Asset deals bringing the City $400,000,000 or more are covered by the rules in Chapter 2-164.
• City asset lease agreements worth more than $10,000,000 must be posted online as searchable files on the Department of Finance website.
• The text addresses an exclusion for privatization contracts that would pay less than $3,000,000 over their life.
• A public accounting document must show how lease money is used, including fees paid to financial consultants, auditors, and financial institutions hired by the City.

Where: Chicago Skyway Toll Bridge System; Chicago Downtown Public Parking System; Chicago Metered Parking System; Chicago Waterworks; City of Chicago sewerage system; Public Airports; 36th Ward

When: Upon passage and publication

Timeline

• Jun 18, 2025: Referred, City Council. The matter was Referred to Committee.

Documents

• City Asset Leases Ordinance.pdf (Legislation)

Related legislation

More from Gilbert Villegas

• Tribute to late Michael Keller Ditka (R2026-0029456, introduced Oct 14, 2026, Referred)
• Amendment of Municipal Code Section 2-44-055 establishing scoring criteria for 9% tax credits (O2026-0029453, introduced Oct 14, 2026, Referred)
• Exemption from physical barrier requirement for commercial driveway alley access for Best West Auto Repair, Inc. (O2026-0027919, introduced Sep 23, 2026, Passed)

More on Municipal Code Amendments

• Amendment of Municipal Code Section 9-24-065 regarding ability to pay pilot program (O2026-0029654, introduced Dec 8, 2026, Council Introduction)
• Amendment of Municipal Code Titles 3, 4 and 8 regarding technical and scriveners' corrections (2027 Municipal Code Corrections Ordinance) (O2026-0029649, introduced Oct 21, 2026, Referred)
• Amendment of Municipal Code Titles 2, 4, 6, 7, 8, 9, 10, 11, 14A, 15, 17 regarding management, structure, powers and functions of various… (O2026-0029644, introduced Oct 21, 2026, Referred)

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