# Committee on Finance meeting, April 14, 2025

- When: Mon, Apr 14, 2025, 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/1074748870
- Transcript: [full text](https://www.chicagopolitics.org/files/transcripts/1074748870.txt) (16,627 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, chaired by Alderperson Pat Dowell, held three TEFRA public hearings, on O'Hare special facility revenue bonds for the Aeroterm cargo project and on multifamily housing bonds for 111 West Monroe and 208 South LaSalle, with no public comments offered at any of them. In the regular meeting, one public commenter spoke about pension liabilities and homelessness. The committee recommended passage of up to $50 million in O'Hare senior special facility revenue bonds, which staff said would be repaid by the borrower and would not be city debt. It also recommended TIF assistance and bond authority for the office-to-residential conversions at 111 West Monroe ($40 million TIF) and 208 South LaSalle (up to $26 million TIF), after extended discussion of MBE/WBE participation and the use of downtown TIF funds. The 111 West Monroe item passed with Alderpersons Lopez and Mitchell recorded as opposed, and the 208 South LaSalle item passed with Alderperson Raymond A. Lopez recorded as a no; the chair said both would be reported out pending requested participation information.

Topics: TEFRA hearings, O'Hare cargo facility bonds, LaSalle Street office-to-residential conversions, Tax increment financing, Affordable housing, MBE/WBE participation, Veteran business enterprise goals, Neighborhood TIF projects

### Agenda items discussed

- [8:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=513) TEFRA public hearing on O'Hare senior special facility revenue bonds for the Aeroterm project
- [18:18](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=1098) TEFRA public hearing on multifamily housing revenue bonds for the 111 West Monroe project
- [26:15](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=1575) TEFRA public hearing on multifamily housing revenue bonds for the 208 South LaSalle project
- [39:24](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=2364) Ordinance authorizing Chicago O'Hare International Airport senior special facility revenue bonds, Series 2025, not to exceed $50 million: passed
- [1:02:45](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3765) Financial assistance (TIF and multifamily bonds) for 111 Monroe Affordable LP and 111 Monroe Market Landlord LLC at 111 West Monroe Street: passed
- [1:53:49](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6829) Financial assistance (TIF and multifamily bonds) for 208 LaSalle Affordable LP and 208 LaSalle Market Landlord LLC at 208 South LaSalle Street: passed

### Alderpersons who spoke

- [Pat Dowell](https://www.chicagopolitics.org/ward/3) (chair): Asked how the 40% and 50% AMI levels for the 111 West Monroe affordable units would be secured and was told an inclusionary housing agreement would place a lien on the property. ([1:15:24](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=4524)); Proposed passing the 111 West Monroe item while holding it in committee until participation information was received, instead of holding the vote. ([1:32:02](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5522)); Summarized members' requests for MBE/WBE figures on money already spent and projections for construction. ([1:32:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5553))
- [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (alderperson): Supported the O'Hare cargo bonds as bringing revenue and jobs to the region and credited the outgoing Aviation Commissioner. ([54:23](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3263))
- [William Conway](https://www.chicagopolitics.org/ward/34) (alderperson): Asked whether rent to the city is in addition to the borrower's debt payments and who chose the amortization schedule. ([55:05](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3305)); Supported the 111 West Monroe conversion as important for downtown housing after the pandemic, noting the $40 million TIF is about 20 to 25 percent of a $179 million project. ([1:28:58](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5338)); Argued it was early in the project to identify subcontractors and that the developer has a long record of meeting participation requirements. ([1:33:23](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5603))
- [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (alderperson): Asked how Chicago benefits from added cargo capacity and said the bond deal is sensible because the city gains ownership at the end of the lease. ([56:27](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3387))
- [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (alderperson): Confirmed the bonds reimburse the developer for a completed facility with no outstanding issues. ([1:00:32](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3632)); Said he could not support 111 West Monroe without clarity on Black and MBE participation in money already spent. ([1:28:17](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5297)); Said he supports the project and downtown affordability but wants a plan ensuring Black participation in the contracts. ([1:44:53](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6293))
- [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (alderperson): Asked why there was no veteran business enterprise goal on the project, citing a city ordinance, and asked how many LaSalle conversions remain. ([1:16:47](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=4607)); Asked what information was being requested and said Hispanic participation figures should also be provided. ([1:32:29](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5549))
- [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (alderperson): Expressed support for 111 West Monroe and asked which sustainability points the project would pursue, requesting the details through the chair. ([1:18:23](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=4703))
- [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (alderperson): Said he supports downtown revitalization but questioned why LaSalle projects move quickly while a promised TIF-supported project in Back of the Yards has waited since 2022. ([1:20:56](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=4856)); Said members deserve a better answer from departments on neighborhood projects compared with downtown projects. ([1:24:28](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5068)); Said with $249 million committed across five projects, the committee should know the participation plan for minorities, women and veterans, and noted the department was unaware of the veteran preference. ([1:35:16](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5716))
- [Gregory I. Mitchell](https://www.chicagopolitics.org/ward/7) (alderperson): Asked what efforts have been made toward the 26% MBE and 6% WBE goals and whether the general contractors under consideration are MBEs. ([1:25:06](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5106)); Requested information through the chair on the developer's history of meeting MBE participation on past projects. ([1:44:24](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6264)); Asked how the department verifies MBE/WBE participation as a project progresses. ([1:50:05](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6605))
- [David H. Moore](https://www.chicagopolitics.org/ward/17) (alderperson): Said the project is needed but moved to hold it until participation information requested by Alderperson Jason C. Ervin was received, later withdrawing the motion. ([1:31:11](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5471))
- [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (alderperson): Said the central business district's tax base supports citywide programs and that obsolete LaSalle bank buildings need assistance to be converted with affordable units. ([1:38:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5913)); Said downtown TIFs are routinely surplused and that he has approved only a handful of TIF projects in the district in 18 years. ([1:40:36](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6036)); Called the requested participation information reasonable and urged it be provided quickly without delaying the projects. ([1:42:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6153))
- [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (alderperson): Described the developer as inclusive, supported the project, and compared it to past government-supported downtown affordable housing and green social housing. ([1:46:23](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6383))

### Exchanges between members

- [1:00:17](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=3617) Alderperson Nicole T. Lee said she agreed with Alderperson Matthew J. O'Shea that the cargo bond deal made sense.
- [1:28:17](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5297) Alderperson Jason C. Ervin said Alderperson Gregory I. Mitchell raised the point he was also concerned about.
- [1:31:16](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5476) Alderperson David H. Moore said he shared the concern raised by Alderperson Jason C. Ervin about participation information.
- [1:32:02](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5522) The chair asked Alderperson David H. Moore whether he would accept passing the item while holding it in committee pending information.
- [1:32:29](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5549) Alderperson Gilbert Villegas asked the chair what information was being requested.
- [1:32:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5553) The chair described the requested MBE/WBE information to Alderperson Gilbert Villegas.
- [1:33:23](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5603) Alderperson William Conway responded that it was early in the project and unfair to require the information within 48 hours.
- [1:34:12](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5652) The chair responded to Alderperson William Conway that the committee was not holding the project back.
- [1:35:07](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5707) Alderperson David H. Moore withdrew his motion to hold the item.
- [1:37:34](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5854) Alderperson Raymond A. Lopez said he appreciated the chair's offer to hold the item for answers.
- [1:38:39](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=5919) Alderperson Brendan Reilly said he agreed with everything Alderperson William Conway said.
- [1:42:33](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6153) Alderperson Brendan Reilly called the information requested by Alderpersons Moore and Lopez reasonable.
- [1:42:58](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6178) The chair told Alderperson Brendan Reilly that members support the project but want information on diverse participation.
- [1:43:48](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6228) The chair responded to Alderperson Gilbert Villegas that the affordable units include a 10% veterans preference.
- [1:44:24](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6264) Alderperson Gregory I. Mitchell responded to Alderperson William Conway reference to the developer's history by requesting that history.
- [1:44:53](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6293) Alderperson Jason C. Ervin reiterated the chair's point that members are not against the project.
- [1:46:59](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6419) Alderperson Walter R. Burnett commended and agreed with Alderperson Brendan Reilly argument for downtown affordable housing.
- [1:46:59](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=6419) Alderperson Walter R. Burnett commended Alderperson William Conway on the project.
- [2:03:04](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=7384) Alderperson Jason C. Ervin asked the chair whether his request had been answered.
- [2:03:12](https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230?t=7392) The chair confirmed to Alderperson Jason C. Ervin that his request for the same information was noted.

## Documents

- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/a8eca0f6-d3da-48a5-b092-036d605a5782.pdf)

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Source: https://www.chicagopolitics.org/meeting/AD460B62-350F-F011-BAE2-001DD80DF230 · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt