# Committee on Finance meeting, December 12, 2024

- When: Thu, Dec 12, 2024, 11:10 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/1038078033
- Transcript: [full text](https://www.chicagopolitics.org/files/transcripts/1038078033.txt) (17,603 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 Finance heard 14 public commenters, most supporting TIF assistance for the Le Claire Courts redevelopment on the Southwest Side and the Hudson house hotel project at 2222 S. Michigan Avenue. The committee approved its October and November 2024 Rule 45 reports and recommended passage of financing for the Casa Yucatan affordable housing development in the 25th Ward, porting TIF funds from the expiring Cicero/Archer and Midway Industrial TIFs to the Cicero/Stevenson TIF for the Le Claire Courts project, and amended redevelopment agreements for the Hudson house at 2222 S. Michigan Avenue and the Congress Theater. After the Department of Planning and Development presented a data-driven framework for choosing which expiring TIF districts to extend, the committee recommended extending eight TIF districts. It also recommended an ordinance requiring indebtedness checks by the city comptroller for settlement recipients, and placed settlement reports, small claims and tag day permits on the omnibus.

Topics: Affordable housing financing, Le Claire Courts redevelopment, TIF porting, TIF district extensions, Hudson house hotel, Congress Theater, Settlement indebtedness checks, Public comment

### Agenda items discussed

- [45:40](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=2740) Approval of October and November 2024 monthly Rule 45 reports: passed
- [46:35](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=2795) Casa Yucatan 4% LP multi-family program funds and financial assistance, 25th Ward: passed
- [1:02:03](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3723) Casa Yucatan LP 9% project multi-family program funds, 25th Ward: passed
- [1:02:33](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3753) Porting TIF funds from Cicero/Archer and Midway Industrial Corridor TIFs to Cicero/Stevenson TIF for Le Claire Courts redevelopment, 22nd Ward: passed
- [1:08:09](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4089) Amended redevelopment agreement with Hudson Michigan Avenue Owner LLC for 2222 S. Michigan Avenue: passed
- [1:21:04](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4864) Amended redevelopment agreement for the Congress Theater, 2135 N. Milwaukee Avenue: passed
- [1:34:41](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=5681) Amendments extending eight TIF districts (Englewood Neighborhood, Lawrence/Kedzie, Lake Calumet Industrial, Central West, South Chicago, Lawrence/Broadway, Belmont/Central, 63rd/Pulaski): passed
- [2:02:25](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7345) Reports of verdicts, judgments and settlements for October and November 2024
- [2:02:46](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7366) Substitute ordinance subjecting settlement and claim recipients to indebtedness checks by the city comptroller: passed
- [2:05:48](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7548) Payment and denial of various small claims against the city
- [2:06:30](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7590) Tag day permits for Planned Parenthood and the ACLU

### Alderpersons who spoke

- [Pat Dowell](https://www.chicagopolitics.org/ward/3) (chair): Thanked the Hudson house developer and his team for their investment in the Third Ward. ([1:19:58](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4798)); Asked why the Hudson project has a springing letter of credit while the Congress Theater project does not. ([1:31:28](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=5488)); Noted that the committee had asked for a TIF extension framework when the housing and economic development bonds were approved and thanked DPD for producing it. ([1:57:21](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7041))
- [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (alderperson): Praised the Casa Yucatan project's income levels relative to local median income and asked whether the Chicago Low-Income Housing Trust Fund will remain solvent enough to sustain the subsidies. ([57:54](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3474)); Said the Congress Theater project addresses community needs for arts groups, affordable apartments and commercial space and is already spurring interest along Milwaukee Avenue, and moved to pass. ([1:32:26](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=5546)); Said the objective metrics in the TIF extension framework put him at ease and asked how the scoring prevents high financial capacity from masking low socioeconomic need. ([1:53:55](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=6835))
- [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (alderperson): Thanked the chair and The Resurrection Project, said the Casa Yucatan project is urgently needed affordable housing that reflects local median income, and asked colleagues for support. ([1:00:31](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3631))
- [David H. Moore](https://www.chicagopolitics.org/ward/17) (alderperson): Asked whether all affected alderpersons had signed off on the TIF porting ordinance. ([1:05:34](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3934)); Commended the chair and the Hudson house developer for persisting with the project and encouraged unions and diverse contractors to be part of it, then moved to pass. ([1:17:37](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4657)); Thanked the administration for extending the Englewood Neighborhood TIF, saying it is critical to rebuilding the Ogden Park fieldhouse. ([1:53:02](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=6782))
- [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (alderperson): Thanked community groups, labor and DPD, and said the Le Claire Courts development may be the largest investment on the Southwest Side in his time and will catalyze further development. ([1:05:58](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3958))
- [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (alderperson): Said she supported the expanded Hudson house project as a neighbor and thanked DPD for creative solutions when projects face obstacles. ([1:19:20](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4760)); Thanked DPD for an objective, data-driven TIF evaluation framework and asked to receive the methodology paper. ([1:58:05](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7085))
- [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (alderperson): Thanked DPD for the framework and asked what happens if revenue from expiring TIFs is insufficient to support the housing and economic development bonds. ([1:58:46](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7126)); Confirmed that the bonds are general obligation bonds rather than TIF revenue bonds. ([2:01:42](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7302))

### Exchanges between members

- [57:50](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3470) The chair recognized La Spata to begin questions on Casa Yucatan.
- [1:00:24](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3624) The chair invited Sigcho-López to close on the Casa Yucatan item.
- [1:00:31](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3631) Sigcho-López thanked the chair for helping place the project on the agenda.
- [1:00:47](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3647) Sigcho-López echoed La Spata's point about the project reflecting local median income.
- [1:05:51](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3951) Moore thanked the chair after his question was answered.
- [1:05:53](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=3953) The chair invited Rodriguez to close on the TIF porting item.
- [1:07:46](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4066) Rodriguez thanked the chair for her efforts.
- [1:18:01](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4681) Moore commended the chair for sticking with the Hudson house project.
- [1:19:14](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4754) The chair thanked Moore and held his motion while Lee spoke.
- [1:19:58](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=4798) The chair thanked Lee for her comments.
- [1:53:51](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=6831) The chair thanked Moore for his comments on the Englewood TIF.
- [1:57:18](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7038) La Spata thanked the chair after his questions.
- [1:57:21](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7041) The chair thanked La Spata and noted the committee had asked for the framework.
- [1:58:05](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7085) Lee thanked the chair before commenting on the TIF framework.
- [1:58:46](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7126) Ervin thanked the chair before asking about bond revenue.
- [2:01:57](https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64?t=7317) The chair thanked Ervin and noted his motion to recommend approval.

## Documents

- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/eb7edd81-6858-47fb-859d-4b5789c3280c.pdf)
- [Agenda](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/ef1691a5-ee88-4bc7-b16b-694939f6dc06.pdf)
- [Summary](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/d45a00c3-00dd-4e46-8897-bc87a2923c77.pdf)
- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/7dfb3984-ad66-48f2-9e14-06dc9d3ff68d.pdf)
- [Agenda](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/40be71f5-531b-49f0-a54f-6c176c67b1a7.pdf)
- [Summary](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/516550df-2a73-461a-a2a3-a699103f0233.pdf)

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Source: https://www.chicagopolitics.org/meeting/D6E05160-AEB1-EF11-B8E9-001DD804AA64 · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt