# Committee on Finance meeting, October 5, 2026

- When: Mon, Oct 5, 2026, 10:00 AM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance)
- Video: https://vimeo.com/1232129590
- Transcript: [full text](https://www.chicagopolitics.org/files/transcripts/1232129590.txt) (25,902 words, automatic 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 October 5, 2026 Committee on Finance meeting opened with two TEFRA public hearings on multifamily housing revenue bonds for affordable housing at 5853 North Broadway (up to $19.5 million) and the Humboldt Village redevelopment of the former Von Humboldt Elementary School (up to $22 million). In its regular meeting the committee recommended passage of a $260.8 million mass settlement of 16 wrongful conviction lawsuits tied to former detective Reynaldo Guevara, payable in four installments over two years, after members discussed the city's exposure, attorney fees, officer pensions, and budgeting for settlements. The committee also advanced TIF agreements with the Board of Education for a turf field at Stowe Elementary and a playground at Suder Montessori, prompting extended criticism of the TIF Request Review process and the mayor's office's role in it, as well as $43.35 million in new Small Business Improvement Fund money, and redevelopment agreements for an Altgeld Gardens youth center, a Fillmore Linen Services expansion, and the Hudson House hotel on South Michigan Avenue. All items were recommended for passage on voice votes.

Topics: Guevara wrongful conviction settlements, TEFRA housing bonds, TIF Request Review process, CPS TIF projects, Small Business Improvement Fund, Housing and economic development bonds, Altgeld Gardens youth center, Fillmore Linen Services, Hudson House hotel, Settlement budgeting

### Agenda items discussed

- [11:35](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=695) TEFRA public hearing on up to $19.5 million in multifamily housing revenue bonds for 5853 North Broadway: discussed
- [32:11](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=1931) TEFRA public hearing on up to $22 million in multifamily housing revenue bonds for the Humboldt Village Redevelopment Project: discussed
- [55:57](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=3357) Public comment: discussed
- [1:14:32](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=4472) September 2026 monthly Rule 45 report: passed
- [1:15:03](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=4503) Settlement of 16 Guevara wrongful conviction cases totaling about $260.8 million: passed
- [1:52:28](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6748) Intergovernmental agreement with Chicago Board of Education for TIF funds for an artificial turf field at Harriet Beecher Stowe Elementary School: passed
- [2:09:49](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7789) Intergovernmental agreement with Chicago Board of Education for TIF funds for playground improvements at Suder Montessori Magnet Elementary School: passed
- [2:24:12](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8652) 66th amendment with SomerCor 504 Inc. adding Small Business Improvement Fund grant funding and updating program rules: passed
- [2:42:00](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=9720) Redevelopment agreement with BTH Development for the Altgeld Gardens Youth Center at 13122 South Ellis Avenue: passed
- [2:56:27](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10587) Redevelopment agreement with North Lawndale Catalyst Initiative for the Fillmore Linen Services project at 920-922 South Campbell Avenue: passed
- [3:08:16](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=11296) Redevelopment agreement with Hudson Michigan Avenue Owner LLC for the Hudson House project at 2222 South Michigan Avenue: passed
- [3:17:34](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=11854) Orders authorizing and denying payment of various small claims: passed

### Alderpersons who spoke

- [Pat Dowell](https://www.chicagopolitics.org/ward/3) (chair): Opened the TEFRA hearing on bonds for 57 affordable units at 5853 North Broadway, noting the bonds are not a general obligation of the city. ([13:48](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=828)); Opened the TEFRA hearing on bonds to convert the vacant Von Humboldt Elementary School into 75 affordable units. ([34:26](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=2066)); Agreed with Alderperson Raymond A. Lopez that the Law Department exceeds its settlement allocation each year and said the council should examine that during budget. ([1:34:12](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5652))
- [William Conway](https://www.chicagopolitics.org/ward/34) (alderperson): Asked about total years of incarceration, the charges, and when the underlying conduct occurred. ([1:21:58](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=4918)); Said jury verdicts exceed $1 million per year in custody and the settlement removes larger unknown liability, and asked colleagues to support it. ([1:23:09](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=4989))
- [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (alderperson): Asked how many Guevara cases remain, what other claims could arise, and about the statute of limitations, and said he agrees with the settlement. ([1:24:27](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5067)); Thanked the Staines Family Foundation and said the Fillmore Linen expansion would bring jobs and services to the West Side. ([3:07:02](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=11222))
- [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (alderperson): Asked which plaintiffs' certificates of innocence were opposed and how many judges issued them. ([1:27:29](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5249)); Said he has voted against such settlements before but would support this one, calling it necessary and thanking the chair and department for addressing his concerns. ([1:28:57](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5337)); Said the council needs to track settlement spending against the budget rather than approving payments without knowing if funds exist. ([1:31:13](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5473))
- [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (alderperson): Asked how many cases the officer has, whether he receives a pension, and what is being done to prevent similar misconduct. ([1:34:42](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5682)); Objected that about 40% goes to attorneys and the officer keeps a pension, and called for talks with the state on officer liability. ([1:40:27](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6027))
- [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (alderperson): Asked why criminal charges had not been brought against the officer. ([1:39:29](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5969)); Asked about the timing and representativeness of three recent jury verdicts totaling $170 million. ([1:42:23](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6143))
- [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (alderperson): Confirmed about $200 million has been paid on Guevara cases and said the 383 years of wrongful imprisonment had a human cost; she supported the settlement. ([1:43:30](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6210))
- [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (alderperson): Asked about a reported $1.9 million outside counsel review of Guevara cases and requested whatever information can be shared. ([1:45:41](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6341))
- [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (alderperson): Agreed with Conway's comments, said a certificate of innocence does not mean innocence, and thanked the Law Department. ([1:48:06](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6486))
- [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (alderperson): Said the settlement saves money compared with trial and asked what systems now catch misconduct. ([1:49:50](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6590)); Said the root cause was an officer who broke the law, not certificates of innocence or prosecutors. ([1:50:59](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6659))
- [Anthony Beale](https://www.chicagopolitics.org/ward/9) (alderperson): Asked why CPS was not splitting the Stowe project 50-50 and where his own pending TIF request stood. ([1:55:28](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6928)); Said TIF projects keep going to the same wards and asked that his project come before the committee by year end. ([1:57:15](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7035)); Asked why the Suder project is 100% TIF and how it moved quickly when it was not on CPS's radar. ([2:12:27](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7947))
- [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (alderperson): Asked what TRR is, why the TIF Investment Committee was replaced, and whether TRR meetings are open. ([1:57:53](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7073)); Said TRR is an unelected body making TIF decisions in private and that aldermen's requests should not depend on voting records. ([1:59:55](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7195)); Asked what criteria the mayor's office adds to TRR decisions beyond statutory compliance. ([2:19:26](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8366))
- [Marty Quinn](https://www.chicagopolitics.org/ward/13) (alderperson): Asked how many CPS TIF projects will come before the committee and their total cost. ([2:07:52](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7672))
- [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (alderperson): Said Suder parents had been seeking playground repairs for over a year after injuries. ([2:13:40](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8020)); Thanked parents and CPS and asked colleagues to support the Suder playground project. ([2:16:28](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8188))
- [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (alderperson): As a former Suder parent, supported the playground project and credited Alderperson Walter R. Burnett. ([2:15:29](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8129))
- [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (alderperson): Requested a by-ward list of projects awaiting TRR approval, noting items stalled at the final step. ([2:21:10](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8470))
- [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (alderperson): Asked for a breakdown of all approvals and denials made by the mayor's office in the final TRR step. ([2:22:02](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8522))
- [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (alderperson): Asked whether businesses outside TIF districts can receive Small Business Improvement Fund grants. ([2:38:00](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=9480))
- [David H. Moore](https://www.chicagopolitics.org/ward/17) (alderperson): Said homeowners, especially seniors, also need programs such as TIF NIP and praised DPD's small business team. ([2:40:00](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=9600))
- [Peter Chico](https://www.chicagopolitics.org/ward/10) (alderperson): Said the youth center and Red Line extension show Altgeld Gardens trending upward and asked for support. ([2:54:51](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10491))

### Exchanges between members

- [1:24:27](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5067) Ervin echoed Vice Chair William Conway comments on the settlement.
- [1:29:32](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5372) Lopez thanked the chair for answering his questions and addressing his concerns about settlements.
- [1:34:12](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=5652) Dowell acknowledged Lopez's point about Law Department spending exceeding its allocation.
- [1:48:06](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=6486) Sposato said he agreed with his colleague from the 34th Ward.
- [1:58:45](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7125) Villegas referenced Beale's pending requests in questioning TRR.
- [2:01:13](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=7273) Villegas said he agreed with his colleague from the 9th Ward.
- [2:13:40](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8020) Burnett responded to Beale's question about how the Suder project moved forward.
- [2:15:29](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8129) Rodriguez congratulated Burnett and credited his work on the Suder playground.
- [2:18:16](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8296) Beale said the answer confirmed what Villegas had stated about the mayor's office.
- [2:22:35](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=8555) Dowell asked Waguespack whether Beale's addition to his request was acceptable.
- [2:37:32](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=9452) Dowell supported Lopez's call to revive the neighborhood improvement program and asked to join the meeting.
- [2:38:00](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=9480) Curtis raised a question similar to Lopez's about funding outside TIF districts.
- [2:50:21](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10221) Beale congratulated Chico for the Altgeld Gardens project.
- [2:51:20](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10280) Lopez congratulated Chico on the project.
- [2:53:57](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10437) Dowell thanked Lopez for raising bond fund allocation.
- [2:54:26](https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3?t=10466) Dowell told Chico she supported his project but planned to hold items pending a report.

## Documents

- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/51e8f19b-99b7-f111-aaac-001dd80b58e5.pdf)
- [Agenda](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/d3f3d5d3-da10-4a65-9367-b00e89dd4023.pdf)

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Source: https://www.chicagopolitics.org/meeting/531B4778-99B7-F111-AAAC-001DD80FDAD3 · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt