Summary

Committee on Finance meeting summary: settlements, depository designation, HUD/TIF for Congress Theater, loan restructurings, and subject-matter hearing on municipal depositories

ChicagoFeb 9, 20262 min read

At a glance

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At meetings Feb 9 and Feb 11, 2026 the Chicago City Council Committee on Finance held a subject-matter hearing on Municipal Depositories (no votes) and approved multiple items including five settlement orders (totaling $30,162,000), ordinances designating municipal depositories for FY2026 and amending Finance publication rules, HUD Section 108 loan and TIF assistance for the Congress Theater, loan assumption/restructuring and transfers involving The Habitat Company properties, small-claims orders, and a Tag Day permit for Misericordia Foundation; one proposed $8,250,000 settlement was voted do not pass.

Committees mentioned

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Committee on Finance

Topics discussed

HOME and Multi-family loan assumptions/restructuringCharitable Tag Day permit (Misericordia)Subject-matter hearing: cashflow and pension payment timingPublication rules for Department of FinanceHUD Section 108 loan — Congress TheaterSettlement approvalsSmall claims paymentsTIF assistance and redevelopment agreementMunicipal depositories (FY2026)Video gaming ordinance certificationDo-not-pass settlement

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Key decisions

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Approved five settlement orders authorizing the Corporation Counsel to execute settlements: Santiago/Fitzgibbons ($1,962,000), William Negron ($800,000), Ariel Gomez ($4,850,000), Angel Diaz ($6,950,000), Demetrius Johnson ($16,600,000).
Proposed settlement in Marylyn Rogel v. City (Case No. 2022 L 010886) for $8,250,000 was a do not pass in Committee (Or2026-0023123).
Approved ordinance designating Municipal Depositories for the City of Chicago and Chicago Board of Education for Fiscal Year 2026 (O2026-0022467).
Approved ordinance amending Municipal Code §2-32-096 regarding publication requirements for rules proposed by the Department of Finance (O2026-0022512).
Approved ordinance authorizing HUD Section 108 loan guarantee and associated loan agreement with BR Congress Owner LLC for Congress Theater rehabilitation at 2135 N. Milwaukee Avenue (O2026-0022523).
Approved substitute ordinance amending the redevelopment agreement with BR Congress Owner LLC and Congress Theater NFP to provide TIF assistance for 2135 N. Milwaukee Avenue (SO2026-0022524).
Approved ordinance authorizing assumption of a HOME loan, loan subordination, restructuring with The Habitat Company, LLC and sale/transfer of Renaissance Saint Luke at 1501 W. Belmont Avenue (O2025-0021658).
Approved ordinance authorizing assumption of Multi-family program funds, loan subordination, restructuring with The Habitat Company, LLC and sale/transfer of Wicker Park Renaissance (1527–1531 N. Wicker Park Avenue) (O2025-0021657).
Approved a resolution (introduced by Alderman Anthony Beale) calling on the City Clerk to provide the Illinois Gaming Board a certified copy of Council Ordinance SO2025-0021719 regarding video gaming terminals (R2026-0022536).
Approved proposed orders to authorize and to deny payment of various small claims against the City (SOr2026-0023140; SCL2026-0023141).
Approved one Charitable Solicitation on the Public Way (Tag Day) permit for Misericordia Foundation, citywide, April 22–25, 2026 (F2026-0023138).
Held a subject-matter hearing on February 9, 2026 (no votes) to discuss Municipal Depositories under Municipal Code §2-32-400 and Resolution R2026-0022538 (introduced by Matthew O’Shea) regarding the City's cashflow and plans/timing to meet FY2026 advance pension payment requirements.

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