Committee on Economic, Capital and Technology Development meeting, February 13, 2024
- When: Tue, Feb 13, 2024, 9:30 AM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Committee: Committee on Economic, Capital and Technology Development
- Video: https://vimeo.com/showcase/8928495/video/910511949
- Transcript: full text (9,225 words, official captions)
Meeting notes
AI-written from the transcript. Speakers are inferred from cues in the recording, so treat names as estimates and check the video at the linked time.
The Committee on Economic, Capital and Technology Development heard three public commenters from UNITE HERE Local 1 who urged a no vote on a Class L property tax incentive for 465 West Cermak, citing job quality at other Class L hotels. The committee approved its January 2024 monthly report and recommended approval of 16 appointments and reappointments to special service area commissions. It then recommended passage of the Class L incentive for the vacant landmark building at 465 West Cermak, which the Department of Planning and Development described as a $40.8 million mixed-use rehabilitation; Alderperson Nicole T. Lee spoke in support and said she committed to meet with the union and developer. Finally, the committee held a hearing, with no vote, on keeping state data stored in Illinois, hearing from Loudoun County, Virginia, representatives about the fiscal impact of data centers.
Topics: Class L tax incentive, 465 West Cermak, hospitality jobs, special service area appointments, data centers, data storage security, power grid capacity, MBE/WBE participation
Agenda items discussed
- 19:33 Public comment
- 24:22 January 2024 monthly report: passed
- 24:42 Appointments and reappointments to special service area commissions (items 1 through 16): passed
- 27:42 Class L property tax incentive for 465 West Cermak: passed
- 40:24 Hearing on State of Illinois data storage security: discussed
Alderpersons who spoke
- Gilbert Villegas (chair): Asked the development team about its plan for minority- and women-owned business participation on the 465 West Cermak project. (39:15); Introduced the hearing on storing data within Illinois to reduce jurisdictional and security concerns, citing Georgia's policy. (40:27); Asked about average compensation for permanent data center jobs and whether Loudoun County earns revenue from the data itself. (1:01:03)
- Nicole T. Lee (alderperson): Said the 465 West Cermak building has been vacant about 20 years with past failed attempts and that the mixed-use project would be a gateway to Chinatown. (34:42); Said the incentive would greatly increase the tax base and that she committed to meet with the union and developer expecting good-paying union jobs. (36:01)
- Emma Mitts (alderperson): Commended the project for bringing a building vacant for 20 years back to life with community amenities and said she looks forward to supporting it. (37:12)
- Felix Cardona Jr. (alderperson): Congratulated Alderperson Nicole T. Lee and supported the incentive, citing 500 jobs and an eventual return to the property tax base. (38:15)
- Daniel La Spata (alderperson): Asked how Loudoun County's power grid handled a concentration of data centers, given the city's ComEd negotiations, and whether high-voltage lines were critical. (57:03)
Exchanges between members
- 34:42 Alderperson Nicole T. Lee thanked the chair when recognized to speak on the 465 West Cermak incentive.
- 37:48 Alderperson Emma Mitts congratulated the ward and its community on the project and said she looks forward to supporting it.
- 38:15 Alderperson Felix Cardona Jr. congratulated his colleague Alderperson Nicole T. Lee and said he supports the incentive.
- 39:12 The chair thanked Alderperson Felix Cardona Jr..
- 1:00:57 Alderperson Daniel La Spata thanked the chair after his question on power capacity.