Committee on Finance meeting summary
At a glance
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The committee approved the May 2026 Rule 45 report, several ordinances to assign bond servicing and to provide Multi‑Family and TIF funding for housing, parks, and school improvements, a Municipal Code amendment on the Social Media Amusement Tax, three legal settlement payments, and transmission of the monthly legal report.
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What this means
The committee approved city actions that fund local projects and settle lawsuits. Developers and a local intergenerational housing project received city financing; Tax Increment Financing (TIF) money was approved for park and elementary school improvements; the city moved forward with a code change related to the Social Media Amusement Tax; and three legal settlements were authorized, which the city will pay. These decisions allow the listed projects and payments to proceed to the City Council for final consideration.
Key decisions
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- Approved May 2026 Monthly Rule 45 report for the Committee on Finance.
- Authorized appointment of a successor servicer and execution of an assignment agreement between BNY Asset Solutions LLS and MTAG Services, LLC for the City's Lakeshore East Special Assessment Improvement Bonds (Refunding Series 2022).
- Authorized Multi‑Family Program funds (up to $3,250,000) and TIF assistance (up to $13,000,000) for the Abrams Intergenerational Village at 5300–5318 S Calumet Avenue.
- Authorized intergovernmental agreement to provide TIF funds (up to $1,600,000) for improvements at Madigan Park, 4707 W. Marquette Road.
- Authorized intergovernmental agreement to provide TIF funds (up to $1,500,000) for improvements at George Rogers Clark Elementary School, 1045 S. Monitor Avenue.
- Authorized intergovernmental agreement to provide TIF funds (up to $1,000,000) for improvements at Skinner North Elementary School, 640 W. Scott Street.
- Authorized substitute ordinance to provide TIF funds (up to $900,000) for improvements at John M. Smyth Elementary School, 1059 W. 13th Street.
- Approved a substitute ordinance amending Municipal Code Chapter 4‑156 regarding the Social Media Amusement Tax.
- Authorized three settlement orders approving payments of $250,000; $425,000; and $650,000 in the listed cases.
- Transmitted the Department of Law report of verdicts, judgments, and settlements for May 2026.
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Meeting information
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Committee on Finance
Written Public Comment Deadline: June 12, 2026, 11:00 AM
Agenda
Agenda items not available.
Documents from this meeting
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/44a06251-e9fe-4b9d-936a-5c0fa742d994.pdf
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/0299a174-d5de-4c9c-a5dc-d0c3e7b7b030.pdf
- Summaryhttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/fd240346-bf79-4e88-8905-73fd0314ab25.pdf
- Agendahttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/fd964c76-90f1-4585-a495-b2228f383c0c.pdf
- Noticehttps://occprodstoragev1.blob.core.usgovcloudapi.net/meetingattachmentspublic/a305cbf9-3f55-f111-bec5-001dd80edc2d.pdf
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