Summary

Committee on Finance Approves TIF Agreements, Bond Issuance, and Settlement Orders

ChicagoFeb 10, 20253 min read

At a glance

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The Chicago City Council Committee on Finance met on February 10, 2025, and approved multiple ordinances and orders including tax increment financing (TIF) redevelopment agreements for mixed-income housing projects, general obligation bonds for public infrastructure improvements, and settlement orders totaling approximately $31.69 million across five cases. The committee also designated municipal depositories for fiscal year 2025 and held one settlement item in committee pending further review.

Projects mentioned

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HPUMC Redevelopment Finance Approves TIF Approved TIF

Committees mentioned

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Committee on Finance

Topics discussed

Settlement ordersMixed-income housing developmentGeneral Obligation BondsPublic infrastructureTransportationBudget & TaxMunicipal depositoriesLead service line replacementsHousingTax Increment Financing (TIF)Charitable solicitation permits

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Key decisions

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Approved TIF redevelopment agreement with Oak-Larrabee, LLC for mixed-income housing at 955 N. Larrabee Street (27th Ward) not to exceed $14,000,000
Approved substitute ordinance for City loan and financial assistance to HPUMC Redevelopment Limited Partnership for housing project at 2120-28 N. Mozart Street (1st Ward) not to exceed $7,405,823 in Multi-Family Program Funds and $10,000,000 in Tax Exempt Bonds
Approved TIF funds to Franciscan Outreach for acquisition and rehabilitation at 2508-2538 W. 21st Street (25th Ward) not to exceed $15,000,000
Approved TIF funds for rehabilitation of former Diplomat Motel for The Haven on Lincoln at 5230 N. Lincoln Avenue (40th Ward)
Designated Municipal Depositories for the City of Chicago and Chicago Board of Education for Fiscal Year 2025
Authorized issuance of general obligation bonds for public rights-of-way, infrastructure, transportation, property acquisition, and lead service line replacements
Approved settlement orders in four cases totaling $4,690,000 (Creamer: $250,000; Cervantes: $690,000; Pellegrino: $3,500,000; Galik Estate: $27,000,000 with $20M from City and $7M from insurance)
Held settlement order in Nicole Banks/Dexter Reed Estate case (Amount: $1,250,000) in committee for further review

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Meeting information

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