@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.…

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

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.

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.

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.

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

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.

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.

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.

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.

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

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."

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

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.

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.

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

This motion passed in the finance committee.

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.

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

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.

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.

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.

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

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

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

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

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.