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Committee on Finance

Thursday, January 12, 2023 · 10:00 AM AM · City Hall - Council Chamber - Chicago, Illinnois

TL;DR

The Chicago Finance Committee approved multiple ordinances focused on affordable housing development and tax increment financing (TIF) in several city neighborhoods. These agreements will support low-income housing projects, small business support, and urban redevelopment in areas like Bronzeville, Cottage Grove, and other neighborhoods across the city.

Key Decisions

  • Affordable Housing Project at Hamlin Avenue Passed
  • Low-Income Housing Development at Fifth Avenue Passed
  • Small Business Improvement Fund Extension Passed
  • mHUB Facility Acquisition and Rehabilitation Passed
  • Expansion of Multiple Redevelopment Project Areas Passed

Agenda

  1. Attendance
  2. Approval of Rule 45 Report
  3. 1 Amendment of original Sales Tax Securitization Agreement with Encuentro Square II LP, Encuentro Square II GP LLC, Encuentro Square SLP LLC for additional funding agreements incorporating Tax Incremental Financing (TIF) assistance for affordable housing project at 1800-1840 N Hamlin Ave, 1821-1857 N Hamlin Ave, 3735-3750 W Cortland St and 1820-1856 N Ridgeway Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  4. 2 Redevelopment agreement with C40 Preservation Associates LP, POAH C40 LLC, Preservation of Affordable Housing, Inc.and POAH TIF LLC and issuance of loan funding, tax credits and tax increment financing (TIF) assistance for development of develop low income housing and commercial space at 3137-3157 W Fifth Ave and 209 S Kedzie Ave
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  5. 3 Sixty-third amending agreement with SomerCor, Inc. to extend program to new LaSalle/Central Redevelopment Tax Increment Financing (TIF) Redevelopment Project Area, increase funding, amend Small Business Improvement Fund program rules, and continue SomerCor, Inc. as provider of administrative services
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  6. 4 Redevelopment agreement with mHUB Support Corporation and mHUB for acquisition and rehabilitation of facility at 240 N Ashland Ave augmented with eligible Tax Increment Financing (TIF) funds
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  7. 5 Designation of Amendment No. 1 expanded Madden/Wells Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  8. 6 Approval of Amendment No. 1 to Madden/Wells Redevelopment Project Area Redevelopment Plan for expansion of project area (Repealed by O2022-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  9. 7 Adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 1 to redevelopment plan for expanded Madden/Wells Redevelopment Project Area (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  10. 8 Designation of Amendment No. 6 expanded Bronzeville Redevelopment Project Area as redevelopment area pursuant to Tax Increment Allocation Redevelopment Act (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  11. 9 Approval of Amendment No. 6 to Bronzeville Redevelopment Project Area Redevelopment Plan for expansion of project area (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  12. 10 Adoption of Tax Increment Allocation Financing for Amendment No. 6 to provide Tax Increment Allocation Financing for enlarged Bronzeville Redevelopment Project Area (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  13. 11 Designation of Amendment No. 3 expanded 43rd/Cottage Grove Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  14. 12 Approval of Amendment No. 3 to 43rd/Cottage Grove Redevelopment Plan for expansion of project area (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.

  15. 13 Adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 3 to redevelopment plan for expanded 43rd/Cottage Grove Redevelopment Project (Repealed by O2023-995)
    Ordinance
    Action: Recommended to Pass

    The Ordinance was Recommended to Pass.