Committee on Finance meeting, September 22, 2026

• When: Tue, Sep 22, 2026, 1:45 PM (Chicago time)
• Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
• Status: Recessed
• Committee: Committee on Finance
• Video: https://vimeo.com/showcase/8928482?video=1229284895
• Transcript: full text (28,479 words, automatic captions)

Video chapters

• 30:43 Items 2 and 3: Multifamily program funds for 5853 North Broadway 4 LP and 9 LP (Bickerdike, Edgewater, 48th…
• 40:40 Daniel La Spata: Praised the two- and three-bedroom units and asked about the city parcel sale and the…
• 42:17 Gilbert Villegas: Asked to review the financial stack for the 4% and 9% components, including the bond…
• 43:22 Brendan Reilly: Asked the average cost per unit for the 5853 N. Broadway project.
• 43:42 Leni Manaa-Hoppenworth: Asked for support of the 90-unit affordable development near the Thorndale station,…
• 46:17 Item 17: Intergovernmental agreement with CHA for ABLA Brooks Homes infrastructure and flood mitigation…
• 50:46 Raymond A. Lopez: Asked how the ABLA infrastructure cost line items were determined and who would do the work.
• 52:06 Jason C. Ervin: Said the ABLA Brooks Homes infrastructure work is long overdue because parking lots still…
• 53:27 Items 4 and 5: Multifamily funds for TCB Humboldt 4 LLC and TCB Humboldt 9 LLC (Humboldt Village, 26th Ward)
• 1:09:04 Jessica L. Fuentes: Described the long history of the Von Humboldt school project, the push to make it 100%…
• 1:13:03 Anthony Beale: Said he supports the project but called $922,000 per unit too high and asked what fees drive…
• 1:15:47 Pat Dowell: Agreed with the point about members supporting one another's projects and said converting a…
• 1:17:48 Anthony Beale: Asked how much the CHA was contributing for the 61 voucher units and whether the city asked…
• 1:18:46 William Conway: Asked about tax credit equity pricing and whether the city loans would be carried as debt by…
• 1:23:03 William Conway: Said the per-unit cost is high but much is developer debt and tax credits, and commended the…
• 1:26:35 Michael D. Rodriguez: Asked about the $14,300 per apartment per year figure and the Puerto Rican Cultural…
• 1:27:59 Jessica L. Fuentes: Explained that the Puerto Rican Cultural Center would provide community-wide youth and…
• 1:29:07 Michael D. Rodriguez: Called the 100% affordable school conversion well done and moved to pass.
• 1:30:41 Brendan Reilly: Said high affordable unit costs are a citywide problem that must be brought under control,…
• 1:31:41 Pat Dowell: Suggested the budget management ordinance require a committee to study per-unit development costs.
• 1:33:19 David H. Moore: Asked when city loans would start being repaid and whether the city tracks and recycles loan…
• 1:38:26 Item 6: Amendment replacing nonprofit developer for 30 North LaSalle rehabilitation (34th Ward)
• 1:42:14 Item 16: Redevelopment agreement with Deeply Rooted Productions for dance center at 5339-5345 South State…
• 1:53:02 Pat Dowell: Encouraged colleagues to see a Deeply Rooted Dance Theater production and asked for support of…
• 1:53:49 Items 7, 8 and 9: Amendment No. 6 and expansion of Central West TIF district
• 2:03:56 Walter R. Burnett: Said the Central West amendment will help fund affordable housing, park upgrades and a…
• 2:05:41 William Conway: Said he supports the Central West amendment after Mary Bartelme Park was kept in the TIF.
• 2:07:53 Items 10-13: Extensions of Avalon Park South Shore, Chicago Central Park, Commercial Avenue and Roseland…
• 2:15:13 Anthony Beale: Thanked the department for working with him to extend the Roseland/Michigan Avenue TIF and…
• 2:16:35 Item 14: Amendment No. 3 to Bryn Mawr Broadway TIF adding affordable housing and increasing budget
• 2:19:35 Item 15: Amendment No. 4 to Pilsen TIF increasing budget to $830 million
• 2:26:27 Nicole T. Lee: Supported the Pilsen TIF budget amendment and said it should have been done sooner.
• 2:26:56 Julia M. Ramirez: Said the amendment frees long-awaited TIF funds to repair the Western Avenue bridge.
• 2:28:33 Byron Sigcho-López: Described the history of the Pilsen TIF amendment and community input favoring…
• 2:33:09 Michael D. Rodriguez: Asked about the Western Avenue bridge and whether the Rudy Lozano Library falls within…
• 2:34:25 Byron Sigcho-López: Said the Rudy Lozano Library is outside the TIF boundaries and other financing should be…
• 2:37:51 Nicole T. Lee: Explained that the Pilsen TIF hit its budget ceiling and the amendment authorizes spending up…
• 2:39:39 Item 18: Redevelopment agreement with Foundry Park Properties KP7 LLC for infrastructure (32nd Ward), up to…
• 2:54:15 Raymond A. Lopez: Asked about workforce development, MWBE targets, and the diversity of the Foundry Park…
• 2:57:59 Raymond A. Lopez: Raised concern that MWBE waivers are often sought after council approval and asked that…
• 3:01:49 Brendan Reilly: Said the expectation is that any Foundry Park hotel operator will meet with Unite Here about…
• 3:03:20 Scott Waguespack: Said federal funding was being pursued for related projects, the developer committed to…
• 3:07:44 Item 19: $50 million repayable TIF loan to 111 West Monroe Hotel Landlord LLC for office-to-hotel conversion…
• 3:21:23 Item 20: Charitable solicitation permit for Amnesty International

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 Finance, chaired by Alderman Pat Dowell, heard public comment for and against TIF support for the Foundry Park development, along with comments on the 111 West Monroe hotel loan and the Bickerdike affordable housing project in Edgewater. The committee recommended passage of financing for 90 affordable units at 5853 N. Broadway and for Humboldt Village, a 103-unit affordable conversion of the former Von Humboldt school, after members questioned per-unit costs of about $890,000 and $922,000. It also approved a TIF intergovernmental agreement for ABLA Brooks Homes infrastructure, a developer change for 30 N. LaSalle, a grant for the Deeply Rooted Dance Center, and several TIF amendments: the Central West boundary changes, 12-year extensions of four South and West Side districts, and budget increases for the Bryn Mawr Broadway and Pilsen districts. The committee approved a $201.6 million TIF redevelopment agreement for Foundry Park infrastructure, where members raised MWBE waivers and hotel labor concerns, and a $50 million repayable TIF loan for the 111 West Monroe hotel conversion. Item 1 was held for a reconvened meeting on September 24, and the committee recessed until then.

Topics: tax increment financing, affordable housing, per-unit development costs, Foundry Park, 111 West Monroe hotel, TIF district amendments, MWBE participation, hotel labor, public comment

Agenda items discussed

• 7:41 Public comment: discussed
• 30:18 Item 1 (held for reconvened meeting on September 24): held
• 30:43 Item 2: Multifamily program funds to 5853 North Broadway 4 LP for 4% project at 5853 N. Broadway (48th Ward): passed
• 31:13 Item 3: Multifamily program funds to 5853 North Broadway 9 LP for 9% project at 5853 N. Broadway (48th Ward): passed
• 46:17 Item 17: Intergovernmental agreement with CHA for TIF funds for ABLA Brooks Homes infrastructure and flood mitigation (28th Ward): passed
• 53:20 Item 4: Multifamily program funds to TCB Humboldt 4 LLC for Humboldt Village 4% project (26th Ward): passed
• 54:22 Item 5: Multifamily program funds to TCB Humboldt 9 LLC for Humboldt Village 9% project (26th Ward): passed
• 1:38:26 Item 6: Amendment replacing the nonprofit developer for 30 N. LaSalle St. rehabilitation (34th Ward): passed
• 1:42:14 Item 16: Redevelopment agreement with Deeply Rooted Productions for Deeply Rooted Dance Center at 5339-5345 S. State St. (3rd Ward): passed
• 1:53:49 Item 7: Amendment No. 6 to the Central West TIF redevelopment plan: passed
• 1:54:15 Item 8: Designation of expanded Central West TIF redevelopment project area: passed
• 1:54:30 Item 9: Adoption of tax increment allocation financing for Central West TIF Amendment No. 6: passed
• 2:08:03 Item 10: Amendment No. 1 to Avalon Park/South Shore TIF (extension): passed
• 2:08:22 Item 11: Amendment No. 3 to Chicago/Central Park TIF (extension): passed
• 2:08:33 Item 12: Amendment No. 1 to Commercial Avenue TIF (extension): passed
• 2:08:51 Item 13: Amendment No. 1 to Roseland/Michigan Avenue TIF (extension): passed
• 2:16:35 Item 14: Amendment No. 3 to Bryn Mawr/Broadway TIF plan (48th Ward): passed
• 2:19:35 Item 15: Amendment No. 4 to Pilsen TIF redevelopment plan (budget increase): passed
• 2:39:39 Item 18: Redevelopment agreement with Foundry Park Properties KP7 LLC for Foundry Park infrastructure TIF assistance (32nd Ward): passed
• 3:07:44 Item 19: Redevelopment agreement and $50 million TIF loan to 111 West Monroe Hotel Landlord LLC (34th Ward): passed
• 3:21:23 Item 20: Charitable solicitation on the public way for Amnesty International: passed

Alderpersons who spoke

• Pat Dowell (chair): Agreed with the point about members supporting one another's projects and said converting a school to housing is costly. (1:15:47); Suggested the budget management ordinance require a committee to study per-unit development costs. (1:31:41); Encouraged colleagues to see a Deeply Rooted Dance Theater production and asked for support of the project in her ward. (1:53:02)
• Daniel La Spata (alderperson): Praised the two- and three-bedroom units and asked about the city parcel sale and the seller note in the financing. (40:40)
• Gilbert Villegas (alderperson): Asked to review the financial stack for the 4% and 9% components, including the bond financing. (42:17)
• Brendan Reilly (alderperson): Asked the average cost per unit for the 5853 N. Broadway project. (43:22); Said high affordable unit costs are a citywide problem that must be brought under control, while supporting Humboldt Village and moving to pass. (1:30:41); Said the expectation is that any Foundry Park hotel operator will meet with Unite Here about issues such as card check neutrality, and moved to pass. (3:01:49)
• Leni Manaa-Hoppenworth (alderperson): Asked for support of the 90-unit affordable development near the Thorndale station, citing rising rents in Edgewater. (43:42)
• Raymond A. Lopez (alderperson): Asked how the ABLA infrastructure cost line items were determined and who would do the work. (50:46); Asked about workforce development, MWBE targets, and the diversity of the Foundry Park development team. (2:54:15); Raised concern that MWBE waivers are often sought after council approval and asked that requirements be followed. (2:57:59)
• Jason C. Ervin (alderperson): Said the ABLA Brooks Homes infrastructure work is long overdue because parking lots still flood, and asked for support. (52:06)
• Jessica L. Fuentes (alderperson): Described the long history of the Von Humboldt school project, the push to make it 100% affordable, and safety problems at the vacant building. (1:09:04); Explained that the Puerto Rican Cultural Center would provide community-wide youth and parent programming in the building. (1:27:59)
• Anthony Beale (alderperson): Said he supports the project but called $922,000 per unit too high and asked what fees drive the cost. (1:13:03); Asked how much the CHA was contributing for the 61 voucher units and whether the city asked it for funds. (1:17:48); Thanked the department for working with him to extend the Roseland/Michigan Avenue TIF and moved to pass. (2:15:13)
• William Conway (alderperson): Asked about tax credit equity pricing and whether the city loans would be carried as debt by the developer. (1:18:46); Said the per-unit cost is high but much is developer debt and tax credits, and commended the project. (1:23:03); Said he supports the Central West amendment after Mary Bartelme Park was kept in the TIF. (2:05:41)
• Michael D. Rodriguez (alderperson): Asked about the $14,300 per apartment per year figure and the Puerto Rican Cultural Center's role. (1:26:35); Called the 100% affordable school conversion well done and moved to pass. (1:29:07); Asked about the Western Avenue bridge and whether the Rudy Lozano Library falls within the Pilsen TIF. (2:33:09)
• David H. Moore (alderperson): Asked when city loans would start being repaid and whether the city tracks and recycles loan repayments. (1:33:19)
• Walter R. Burnett (alderperson): Said the Central West amendment will help fund affordable housing, park upgrades and a new Pink Line station. (2:03:56)
• Nicole T. Lee (alderperson): Supported the Pilsen TIF budget amendment and said it should have been done sooner. (2:26:27); Explained that the Pilsen TIF hit its budget ceiling and the amendment authorizes spending up to a new ceiling. (2:37:51)
• Julia M. Ramirez (alderperson): Said the amendment frees long-awaited TIF funds to repair the Western Avenue bridge. (2:26:56)
• Byron Sigcho-López (alderperson): Described the history of the Pilsen TIF amendment and community input favoring affordable housing, public works and participatory budgeting. (2:28:33); Said the Rudy Lozano Library is outside the TIF boundaries and other financing should be sought for its expansion. (2:34:25)
• Scott Waguespack (alderperson): Said federal funding was being pursued for related projects, the developer committed to MWBE participation and labor discussions, and the TIF goes only to public infrastructure. (3:03:20)

Exchanges between members

• 1:15:47 Dowell agreed with Beale's point about members supporting one another's projects.
• 1:23:41 Conway commended Fuentes on the Humboldt Village project.
• 1:27:57 Rodriguez's question about the Puerto Rican Cultural Center's role was answered by Fuentes.
• 1:30:13 Rodriguez credited his colleague from the 26th Ward for bringing the project forward.
• 1:31:00 Reilly said he would not hold unit costs against his colleague and complimented her for bringing the project forward.
• 1:33:19 Moore followed up on Conway's line of questioning about loan repayment.
• 2:05:20 Burnett thanked Conway for his work to protect a park in the West Loop and for supporting the amendment.
• 2:05:41 Conway thanked Burnett and said Burnett and DPD heard his concerns about Mary Bartelme Park.
• 2:26:56 Ramirez agreed with Lee that the amendment opens long-awaited TIF funds.
• 2:33:17 Rodriguez asked Ramirez to confirm which Western Avenue bridge would be repaired, and she confirmed.
• 2:34:25 Sigcho-López answered Rodriguez's question about the Rudy Lozano Library.
• 2:37:51 Lee answered Conway's question about the purpose of the Pilsen TIF budget increase.
• 2:39:11 Dowell thanked Lee for her explanation.
• 2:52:16 Beale commended his colleague from the 32nd Ward on the Foundry Park project.
• 2:59:01 Conway followed up on Lopez's questions about workforce development and the hotel.
• 3:01:49 Reilly picked up where Conway left off on hotel labor expectations.
• 3:03:23 Waguespack responded to Beale that federal funding was being pursued for related projects.
• 3:03:44 Waguespack responded to Lopez about the developer's discussions on minority contracting.

Documents

• Agenda
• Notice
• Summary
• Notice

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