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Sixty-fifth amending agreement with SomerCor 504, Inc. to extend program to Foster/Edens and Little Village East redevelopment project areas, increase funding to select tax increment financing (TIF) redevelopment project areas, and amend Small Business Improvement Fund (SBIF) program rules

Legislation tracker › Finance

Record number: SO2025-0017540
Type: Ordinance; category: Tax Increment Financing Districts
Status: Final (Passed as Substitute)
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Submitted Date: May 21, 2025
Introduction Date: May 21, 2025
Final Action Date: Jun 18, 2025
Official record: Office of the City Clerk

Timeline

May 21, 2025: Referred, City Council. The matter was Referred to Committee.
Jun 16, 2025: Substituted, Committee on Finance. The matter was Substituted in Committee.
Jun 16, 2025: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Jun 18, 2025: Passed, City Council (50 yea, 0 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

Documents

SO2025-0017540 Committee Letter.pdf (Committee Letter)
O2025-0017540 EDS.pdf (EDS)
O2025-0017540 Exhibit A - Descriptions of Two New SBIF Areas.pdf (Exhibits)
O2025-0017540 Exhibit B - Funding Authorized.pdf (Exhibits)
O2025-0017540 Exhibit C - Amended and Restated Program Rules.pdf (Exhibits)
O2025-0017540 Exhibit D - Sixty-fifth Amendment.pdf (Exhibits)
SO2025-0017540 Exhibit B.pdf (Exhibits)
SO2025-0017540 Exhibit D.pdf (Exhibits)
O2025-0017540.pdf (Legislation)
SO2025-0017540 Substitute Ordinance.pdf (Legislation)
O2025-0017540 Mayoral Transmittal Letter.pdf (Miscellaneous)

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More on Tax Increment Financing Districts

Establishment of Tax Increment Financing (TIF) Neighborhood Improvement Program to provide TIF assistance for Home Repair Program (O2026-0029411, introduced Oct 14, 2026, Referred)
Fourth amendment to Pilsen tax increment financing (TIF) redevelopment project and plan (O2026-0027139, introduced Jul 15, 2026, Passed)
Designation of expanded Central West tax increment financing (TIF) redevelopment project area (O2026-0027301, introduced Jul 15, 2026, Passed)

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