Committee on Finance meeting, July 13, 2026
- When: Mon, Jul 13, 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
- Video: https://vimeo.com/manage/videos/1208548404
- Transcript: full text (50,307 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 Committee on Finance first held two federally required TEFRA public hearings, on a multifamily housing revenue note of up to $15 million for the Levy House redevelopment and on Chicago O'Hare International Airport general airport senior lien revenue and refunding bonds, Series 2026 B, C and D. In the regular meeting, the committee heard 11 public commenters, most speaking for or against TIF funding for The 78 development, and approved the June Rule 45 report, small claims orders, a $9 million settlement in Ochoa v. Lopez, and a Chicago Public Library grant agreement. After a lengthy hearing on two redevelopment agreements for The 78, covering roadway and utility infrastructure (about $174 million) and a podium, city-owned parking garage, plaza and river wall (about $250 million), members raised questions about TIF porting from the Canal/Congress district, briefings for affected members, public transit, the garage, accountability and waivers; the roll calls were announced as 30 to 1 for item 15 and 26 to 4 for item 16. The committee also recommended the O'Hare bond ordinance, the appointment of Baker Tilly US LLP as the city's financial statement auditor, an amendment to the Department of Housing debt waiver ordinance (after a motion to table failed), financing for the Levy House and Villa Guadalupe senior housing rehabilitations, an amendment to the 135 South LaSalle redevelopment agreement, and TIF funding for a CTA bus turnaround at Division and Austin. The parking meter ownership transfer ordinance was held in committee pending further discussions.
Topics: The 78 TIF redevelopment agreements, TIF porting and transparency, public transit and parking garage, O'Hare airport bonds, affordable senior housing, city financial audit, parking meter concession, debt waivers for housing programs, settlements, hospitality jobs and MWBE participation
Agenda items discussed
- 18:12 TEFRA hearing on the multifamily housing revenue note, Series 2026, for the Levy House redevelopment project: discussed
- 32:31 TEFRA hearing on Chicago O'Hare International Airport general airport senior lien revenue and revenue refunding bonds, Series 2026 B, C and D: discussed
- 45:56 Public comment
- 1:11:48 Approval of the June 2026 Rule 45 report: passed
- 1:12:35 Item 1: Orders authorizing payment of various small claims: passed
- 1:12:57 Item 2: Order denying payment of various small claims: passed
- 1:13:16 Item 3: Charitable solicitation permits for the Knights of Columbus and Project Orbis International: passed
- 1:13:54 Item 4: Department of Law reports of verdicts, judgments and settlements for June 2026
- 1:14:15 Item 5: $9 million settlement in Albert Ochoa v. Jose Lopez et al.: passed
- 1:23:03 Item 6: Grant agreement with the Chicago Public Library Foundation for the Thomas Hughes Children's Library: passed
- 1:31:13 Item 15: Amended and restated infrastructure redevelopment agreement for The 78 (roadways and utilities): passed
- 4:36:01 Item 16: Podium infrastructure redevelopment agreement for The 78 (podium, city-owned parking garage, plaza and river wall): passed
- 4:47:22 Item 7: Ordinance authorizing O'Hare senior lien revenue and refunding bonds, Series 2026 B, C and D: passed
- 4:59:47 Item 8: Appointment of Baker Tilly US LLP to perform the city's financial statement audits: passed
- 5:10:43 Item 9: Ownership transfer under the Chicago Metered Parking System concession agreement: held
- 5:12:18 Item 10: Amendment to Section 2-44-140 of the Municipal Code regarding debt waivers: passed
- 5:22:50 Item 11: Financial assistance for the Levy House Apartments rehabilitation at 1221 West Sherwin Avenue: passed
- 5:33:39 Item 12: TIF redevelopment agreement for the Villa Guadalupe senior housing rehabilitation at 3201 East 91st Street: passed
- 5:48:36 Item 13: Amendment to the 135 South LaSalle Street TIF redevelopment agreement replacing the nonprofit partner: passed
- 5:53:15 Item 14: Intergovernmental agreement with the CTA for TIF funding of the Division/Austin bus turnaround: passed
Alderpersons who spoke
- Pat Dowell (chair): Said she, not the administration, was responsible for Alderperson Brendan Reilly not being briefed on the TIF porting, and apologized publicly. (2:14:28); Said the withdrawal of the Discovery Partners Institute left the site without a catalyst for redevelopment. (2:30:54); Said affordable housing cannot be built at the site without roads, sidewalks, utilities and sewer and water lines in place. (2:33:01)
- William Conway (alderperson): Recused himself from the Ochoa settlement vote under Rule 14 because of a personal relationship with a person involved in the case. (1:20:35); Objected that 220 pages of revised redevelopment agreements for The 78 were delivered less than two business days before the meeting and asked for proper notice in the future. (1:31:57); Asked whether the agreements obligate Related Midwest to spend anything at the site and what was meant by lockboxing garage revenue for the area. (2:00:18)
- Brendan Reilly (alderperson): Asked who in the Department of Planning and Development decided not to brief him on porting TIF funds from a district he represents. (2:08:24); Said the project would be transformational and that TIF support for roadways is responsible, but the parking garage is a separate issue. (2:09:52); Said he received no outreach from DPD even after raising the issue, and argued transparency about porting TIF money matters for property owners in the donor district. (2:11:17)
- William E. Hall (alderperson): Asked how many construction and permanent jobs the full project would create. (2:04:28); Asked who would pay to maintain the roads, garage and riverfront, and why the riverfront would be privately maintained. (2:05:09); Asked how many spaces the garage would have, who would operate it and its projected revenue. (2:06:35)
- Andre Vasquez Jr. (alderperson): Asked whether the 7.5% ownership threshold for briefing members on TIF porting is in the municipal code or a policy decision, suggesting all affected members should be consulted. (2:16:58); Said the project fits the purpose of TIF but raised concerns about process transparency and asked when the decision was made to change the original plan. (3:07:52); Asked whether the effects of AI on office work are being considered in projections for office demand. (3:10:37)
- David H. Moore (alderperson): Asked the chair how many community meetings she held on the project so it would be on the record. (2:22:56); Commended Related Midwest for reaching out to African American contractors and said he would monitor their involvement. (2:23:55)
- Byron Sigcho-López (alderperson): Asked about the 2019 agreement, which had the developer pay for infrastructure to be reimbursed by TIF increment and included public transit improvements. (2:24:44); Asked how $287 million taken from the Canal/Congress TIF would be compensated. (2:26:03); Questioned how the decision was made to drop public transit from the plan after years of planning. (2:30:02)
- Matthew J. Martin (alderperson): Said Roosevelt Road needs improvements and asked about the timeline for pedestrian improvements there before the stadium opens. (3:51:02); Asked the department to provide written timeline options by the next day for Roosevelt Road improvements. (3:54:47); Asked what public transit improvements may be needed for future phases and whether CTA or Metra have ruled out a station. (3:55:41)
- Gilbert Villegas (alderperson): Asked why the veteran-owned business goal passed by the council is not in the redevelopment agreement and asked DPD to work on an ordinance to codify it. (2:40:04); Contrasted the mayor's support for this TIF with a 2019 campaign against TIFs for Lincoln Yards. (2:43:39); Asked how much property tax revenue the completed project would generate. (2:45:04)
- Nicole T. Lee (alderperson): Asked when the garage would be completed and whether TIF funds would pay for temporary surface lots. (2:48:14); Asked that surface lots not compete with the city-owned garage for revenue once it opens. (2:49:56); Asked about the cost consequences of delaying the project, citing rising construction costs. (2:51:54)
- Jason C. Ervin (alderperson): Said the redevelopment is the catalyst needed on that part of the South Loop and a solid use of TIF money. (3:04:12); Said he understands concerns about porting but believes it will generate a stronger return for the donor areas. (3:06:30)
- Daniel La Spata (alderperson): Said approaching the site on foot, bike or bus is uncomfortable or dangerous and asked what Roosevelt Road improvements are planned. (3:18:30); Said the answers on bike improvements suggested they were an afterthought and asked for more detail. (3:20:27); Asked how the approach from the west, including from Halsted, would be improved for pedestrians, cyclists and transit users. (3:22:31)
- Michael D. Rodriguez (alderperson): Recognized the chair's community engagement and thanked Unite Here for raising concerns about hospitality jobs. (3:30:12); Said he plans to support the TIF allocation and asked what the commitment is to union labor, particularly for hospitality jobs. (3:32:04); Said he would stand with Unite Here if workers ended up on the street. (3:34:08)
- Raymond A. Lopez (alderperson): Asked for a list of state grants given by the Secretary of State to the city's libraries. (1:30:19); Said DPD has not acted on concerns about veteran-owned businesses and waivers, and cited waiver provisions in the substitute ordinance for Chicago hiring and MBE/WBE commitments. (3:36:09); Asked to remove the waiver language from the agreement since the developer said it does not seek waivers, and moved to amend it on its face. (3:40:58)
- Jeanette B. Taylor (alderperson): Asked why there is no community benefits agreement for the project. (3:44:05); Raised concerns about conditions at Parkway Gardens, owned by the same developer, and asked what would hold the developer accountable. (3:45:03); Asked how many permanent jobs would be created and requested a list of job categories and the developer's properties in the city. (3:45:57)
- Walter R. Burnett (alderperson): Asked when the TIF expires, whether it could be extended and how much a CTA station might cost. (4:01:03); Said train station costs in his ward rose about 40% over six to eight years and warned about the cost of delaying transit infrastructure. (4:02:25); Asked how much has been swept from the TIF and urged keeping funds in districts that need them to avoid porting. (4:02:58)
- Matthew J. O'Shea (alderperson): Asked DPD to confirm housing units, affordable units, construction jobs, open space and property tax revenue for the project. (4:10:34); Said the project delivers affordable housing, jobs, MWBE participation and tax revenue, and said he would vote yes and urged others to. (4:13:26); Said the O'Hare bond ordinance needs to move forward to continue work at the airports. (4:59:08)
- Nicholas Sposato (alderperson): Asked whether the person who committed the crime was found and whether the four convicted men were together. (1:21:36); Asked whether the parking meter decision deadline would be extended to September or another month. (5:11:54)
- Scott Waguespack (alderperson): Asked whether Cook County contributed to the settlement or was involved in a separate settlement. (1:22:22)
- Debra L. Silverstein (alderperson): Asked why City Council approval is needed for the library grant agreement. (1:29:36)
- Marty Quinn (alderperson): Asked that the Department of Aviation move to the subject of the bond ordinance rather than reviewing airport successes. (4:49:17); Asked whether the parking meter extension would go beyond the July 24 deadline. (5:11:45)
- Maria E. Hadden (alderperson): Asked colleagues to support the Levy House financing, saying the renovation will keep all 57 senior units affordable and give residents stability. (5:31:25)
- Chris Taliaferro (alderperson): Said the Division/Austin bus turnaround needs renovation, thanked DPD and CTA, and moved for passage. (5:57:48)
Exchanges between members
- 1:20:31 The chair recognized Vice Chair William Conway, who recused himself from the settlement vote.
- 1:31:54 Vice Chair William Conway registered an objection to the late delivery of the substitute agreements and thanked the chair's staff for answering his questions.
- 2:10:09 Alderperson Brendan Reilly said Alderperson William Conway was right to distinguish between the two TIF requests.
- 2:11:07 Alderperson Brendan Reilly thanked the chair for reaching out to walk him through the deal.
- 2:14:28 The chair took responsibility for Alderperson Brendan Reilly not being briefed and apologized.
- 2:15:09 Alderperson Brendan Reilly accepted the chair's apology but said the administration had not reached out to him.
- 2:16:58 Alderperson Andre Vasquez Jr. followed up on Alderperson Brendan Reilly questioning by asking how the briefing threshold was set.
- 2:19:13 Alderperson Brendan Reilly deferred to Alderperson William Conway as the member with the majority of the affected TIF district.
- 2:22:56 Alderperson David H. Moore asked the chair how many community meetings she held on the project.
- 2:23:40 The chair answered Alderperson David H. Moore that she held 14 meetings and worked with adjacent members on their own meetings.
- 2:33:01 The chair responded to Alderperson Byron Sigcho-López that affordable housing cannot be built without the infrastructure in place.
- 2:35:47 Alderperson Byron Sigcho-López said he agreed with the chair about wanting benefits for surrounding areas but asked for clear legal pathways.
- 2:39:12 The chair asked Alderperson Byron Sigcho-López to wait for a second round because other members were waiting.
- 2:59:55 The chair said she and Alderperson Nicole T. Lee agree on opening the Wells-Wentworth connector and would work with CDOT together.
- 3:03:23 Alderperson Nicole T. Lee thanked the chair for inviting her and her community to the town hall.
- 3:03:45 Alderperson Andre Vasquez Jr. gave his speaking slot to Alderperson Jason C. Ervin.
- 3:03:57 Alderperson Jason C. Ervin thanked the chair for her engagement on the project.
- 3:05:29 Alderperson Jason C. Ervin agreed with Alderperson Gilbert Villegas that this is what TIF is designed to do.
- 3:07:40 Alderperson Andre Vasquez Jr. agreed with points made by Alderperson Gilbert Villegas about the intent of TIFs.
- 3:07:40 Alderperson Andre Vasquez Jr. agreed with points made by Alderperson Jason C. Ervin about the intent of TIFs.