Committee on Finance [in person or remote]

Chicago City Council

Finance

Politics

Thursday, Jan. 12, 2023
10:00 a.m. — 12:00 p.m. CST

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121 N LaSalle St Chicago, IL 60602 (Directions)

City Hall, Council Chambers, 2nd Floor

You have the option of documenting this meeting in person or remotely. The meeting will include a hearing on funding for Encuentro Square, an affordable housing development along The 606 Trail, in addition to regular agenda items.

If you choose to attend in person, an additional hour will be added to your total assignment hours. You may be asked to provide government-issued photo ID and to go through a metal detector.

If you choose to document remotely, the meeting will be live-streamed at https://www.chicityclerk.com/.

At this link, scroll down to “Meeting Notices.” Look for “Watch now” and click on the link with the meeting title to go to a livestream page.

If you don’t see a link for the meeting, you may be early or the meeting may be starting late. Wait a few moments and try refreshing your Internet tab.

The end time listed on this assignment is an estimation based on the duration of past meetings of this type.

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Reporting

Edited and summarized by the Chicago - IL Documenters Team

Note-taking by Caitlin Tylka

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Live reporting by Kate Linderman

committee on finance, tax equity, fiscal responsibility

Kate Linderman @KateLinderman4

Good morning! I'll be live tweeting the Chicago City Council Committee on Finance meeting today at 10 a.m. for @CHIdocumenters #CHIdocumenters. 🧵

09:59 AM Jan 12, 2023 CST

Kate Linderman @KateLinderman4 2/28

@CHIdocumenters The live stream is up, but things are moving slowly. While we wait, check out today's meeting agenda via this link chicago.legistar.com/MeetingDetail.…

Kate Linderman @KateLinderman4 3/28

The meeting has started. There will be two Tax Equity and Fiscal Responsibility Act (TEFRA) hearings to start today.

Kate Linderman @KateLinderman4 4/28

The first hearing will issue the borrower, EnCuentro Square II Apartments, a Multi-Family Housing Revenue Note where the aggregate principal amount will not exceed $26 million. The project plans to build 2 buildings, with a combined 67 affordable residential units.

Kate Linderman @KateLinderman4 5/28

The second hearing issues the borrower, C40 Preservation Association, up to $21 million for a multi-family housing revenue note. This will be used to fund the C40 Garfield Park Apartments Project for a low-income apartment building with 43 units.

Kate Linderman @KateLinderman4 6/28

A member of the Garfield Park Community Council (GPC) spoke in support of the C40 Garfield Park Apartments project and added that GPC is working with others on an eco orchard to grow fresh food and address flooding by diverting stormwater to the orchard.

Kate Linderman @KateLinderman4 7/28

Moving on to the main agenda, a quorum has been met and the meeting will now move on to public comment.

Kate Linderman @KateLinderman4 8/28

Two housing organizers urged the committee to pass the $9 million TIF for EnCuentro Square, an affordable housing project along the western end of the 606's Bloomingdale Trail, during today's public comment. The finance committee will vote on that TIF during today's meeting.

Kate Linderman @KateLinderman4 9/28

Another public commenter said urged council members to support the redevelopment agreement with mHUB Support Corporation, a $17.55 million TIF in the 27th Ward up for vote today.

Kate Linderman @KateLinderman4 10/28

The $9 million TIF for Encuentro Square Apartments passed in the finance committee today. The developer also received a tax-exempt bond of up to $26 million in the earlier TEFRA hearing.

Kate Linderman @KateLinderman4 11/28

The next agenda item is a $6.5 million TIF for the C40 Garfield Park Apartment Project. The project will create 43, one to three bedroom units with the project. This project also received a tax-exempt bond of up to $21 million in the earlier TEFRA hearing.

Kate Linderman @KateLinderman4 12/28

The total price of the project will be approximately $38 million.

Kate Linderman @KateLinderman4 13/28

Ald. Walter Burnett (27th): "The community of Garfield Park is very concerned about gentrification, and trying to keep things affordable in that community because properties are starting to sell for over half a million dollars."

Kate Linderman @KateLinderman4 14/28

The $6.5 million TIF for the C40 Garfield Park Apartments Project passed in the finance committee.

Kate Linderman @KateLinderman4 15/28

The next agenda item would authorize $5 million in funding for the Small Business Improvement Fund (SBIF) in the LaSalle/Central TIF corridor and would raise the SBIF grant amount to $250,000.

Kate Linderman @KateLinderman4 16/28

SBIF grants could not go to chain businesses, liquor stores, start-up bars, banquet halls or residential developments, according to Mary O'Connor, Deputy Commissioner of the Small Business Advocacy Division of the Department of Planning and Development.

Kate Linderman @KateLinderman4 17/28

There are also no income or revenue requirements to receive the SBIF grant, according to O'Connor.

Kate Linderman @KateLinderman4 18/28

This motion passed in the finance committee.

Kate Linderman @KateLinderman4 19/28

Next up, a $17.55 million TIF to mHUB Support Corporation and mHUB for the acquisition and rehabilitation of the facility at 240 N Ashland Ave.

Kate Linderman @KateLinderman4 20/28

The $17.55 million TIF to mHUB Support Corporation and mHUB passed in the finance committee.

Kate Linderman @KateLinderman4 21/28

The next three agenda items are on the Madden/Wells
Redevelopment Project Area. These ordinances would expand the area and continue TIF funding for that area.

Kate Linderman @KateLinderman4 22/28

Ald. Sophia King (4th) and Ald. Pat Dowell (3rd) who preside over this area, did not submit letters in support of these agenda items today, according to Tim Jeffries of the Department of Planning and Development who presented on these agenda items.

Kate Linderman @KateLinderman4 23/28

Ald. King (4th) texted a committee member present at the meeting today saying she was in support of the ordinances. All three ordinances passed in committee after this message was received.

Kate Linderman @KateLinderman4 24/28

The next three agenda items are on the expansion of the Bronzeville TIF district.

Kate Linderman @KateLinderman4 25/28

Three ordinances expanding the Bronzeville TIF district passed in the finance committee.

Kate Linderman @KateLinderman4 26/28

The next three agenda items seek to expand the 43rd/Cottage Grove TIF district.

Kate Linderman @KateLinderman4 27/28

Three ordinances to expand and update plans to the 43rd/Cottage TIF district passed in the finance committee.

Kate Linderman @KateLinderman4 28/28

Meeting adjourned at 12:30 p.m. This concludes the Chicago City Council Committee on Finance meeting. For more meeting coverage, check out documenters.org.

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Attachments

Meeting details

By India Daniels 1/12/2023

Encuentro Square TEFRA hearing meeting details

By India Daniels 1/12/2023

Agency Information

Chicago City Council

chicityclerkelms.chicago.gov

(312) 744-3166

@ChiCouncil

See Documenters reporting

The Chicago City Council is the legislative branch of the government of the City of Chicago and consists of the Mayor and Aldermen elected from each of the City’s fifty wards. Source

If you attend a meeting in person, be prepared to go through a security checkpoint and show photo ID.

Meetings are also livestreamed at https://www.chicityclerk.com/.

At this link, scroll down to “Meeting Notices.” Look for “Watch now” and click on the link with the meeting title to go to a livestream page. If you don’t see a link for the meeting, you may be early or the meeting may be starting late. Wait a few moments and try refreshing your Internet tab.

Recordings of past City Council meetings may be found here: https://vimeo.com/user100351763/videos/sort:date.

See also: “What to Expect at a Meeting of Chicago’s City Council” via the Better Government Association.