Chicago Committee on Finance

For example, the Hall Library, because it is a public facility, was basically a discussion between 2FM, PBC, and my office about the need to do that library. And TIF funds are being authorized from that TIF to fix that library.”

I, I don’t think it’s a community benefits. I think they’re calling it a community benefits fund in the document in order to, um, have that money directed to the city. But the money, when it comes to the city, is being directed to the pension fund, which would be in our budget.”

Would you speak to that? It just seems to me that the reserve number is low for this kind of building, given the, uh, the fact that it’s an old school and you’ve got common areas.”

I would also say those photos that we put up there today, which already look terrible, those are from 4 years ago. And nothing has gotten better since then. We are at the last opportunity to make this happen. To say also, this TIF expires at the end of 2027.”

If this matter were to go to trial, uh, would it be— would there be a separation among the plaintiffs involved? How would that work?”

Question for counsel, uh, can we employ no litigate— no litigation clauses in our contracts with delegate agencies?”

If there’s a conflict in something that we have to vote on, we, you know, we abstain from it. Is that same parliamentary procedure going on in these meetings?”

…much in the efficiency recommendations include jobs to be either closed or cut, or are there any?”

I thought he was asking Does, does a, does an enterprise, can an enterprise zone exist without any, any prospects of development prior to a development?”

Do you actually think that’s fair? Do you actually think that that’s fair, that the mayor’s office has the final determination on what projects move forward as it relates to TIF projects with CPS?”

I’m, I’m glad you hit on that. Knowing that we’re looking at 61 units that are going to be HUD, correct?”

So How do you all spend money that you want us to approve without our knowledge? Help me understand that.”

This TIF has been collecting increment consistently in this time, but we hit the ceiling over a year ago, and so nothing has been able to be spent because we have to give ourselves the authority to do that.”

Can you talk about the interplay of the surface lots and the planned temporary surface lots? Because I know that they are meant to be temporary. How many spots are are planned currently for the surface lots while the, while the main parking, while the parking structure is being erected?”

You do recognize full well that this was a situation where the administration, in my opinion, tried to back this council into a corner with a take-it-or-leave-it deal. And so I don’t know if July 24th is realistic if we’re managing expectations appropriately.”

…if the City of Chicago wants to— let’s say the future mayor, the current mayor wants to put a bid in. Is there an obligation to let the City Council know that they intend to do that?”

And the, the amount of time it took the officers to get to the crash?”

Noticeably absent from the WMBE was the veterans. Is there a reason why that they are not part of this?”

With regards to some of the things that we’re talking about here, first and foremost, what happens if in this agreement the purchaser does not meet the obligations?”

…we keep like records of how, how much, um, loan money have been paid back from projects?”

…you provide through the chair how you targeted through your marketing communities on the South and the West Sides of Chicago? And then 2, do you all hire returning citizens?”

And how long after the 4th bid was submitted did we notify the City Council that we had submitted 1, 2, 3, 4 bids?”

Were there ever any aldermen present in any of these meetings with you? Anybody from the Chicago City Council?”

Can we get a list of every businesses in each ward who are actually utilizing the program?”

…as we approve depository institutions, how do we give our communities that confidence that we’re holding them to the same standard that we would anyone, whether it’s a resident or a business that owns properties?”

I just want to make sure that this alternative budget that we just presented today does not include any property taxes.”

I do think there is a need to move beyond the property tax increases. You know, I think that, um, I think the billionaire surcharge had a lot of support when I went to Springfield, and I do think that there’s needs for, for that.”

My next question is around the $75 million payment. By when, um, can the city expect the $75 million payment?”

…when did you submit the information for us to be able to have the ordinance ready for the city council?”

Moving on to the development side of the project, what is the plan for minority participation, if any, both on the construction side and if there is any plan or inclusion of minority equity. Can we talk about what that structure looks like?”

Have we projected some type of ramp-up time in order to get the advertising revenues we need for that project?”

This is what, as Alderman Villegas stated, is what TIF’s designed to do, to spur economic development.”

I know what the settlement is. My question is, what have similar cases yielded in the past?”

Why aren’t the attorney’s fees incorporated as part of the settlement? Generally, when we deal in federal litigation, we make that a condition of the, uh, of the settlement.”

…this settlement, um, settle all issues as related— as it is related to this accident, or, um, are there still other claims that are being pursued by other family members?”

We don’t represent political interests or ideologies. We represent the people who are paying into the system. So going into a couple of things that you brought up there, the TIF surplus— has the reliance on this one-time revenue source, the TIF surplus, now hitting over $1 billion, been a factor in this cash flow problem?”

…if we budget for $31 million and we have to return those funds on top of litigation fees What is the budget department prepared to do to find those funds?”

I assume this $25 million is part of that $50 million. Similarly, with the $5 million for the 78 is part of the $424 million. I assume that’s the case with all the other. Projects that they have been approved in prior TIF asks, and these aren’t new TIF asks going through this.”

…that all 103 units are low income, is it going to be able to support, to support that debt load?”

Do we know if Stone Peak is buying this as an asset sale or an equity sale?”

…in 2011, when we, we still had the corporate head tax at its full rate, um, does the budget director know how much money we were generating at that point?”

So how will these advertisements be targeted and protect our young people from buying things that they shouldn’t be buying? And what kind of advertisements are we talking about?”

…we know how many eligible former residents would be allowed to return? Doing— has there been outreach already to figure out how many folks would be able to return to their homes?”

Because again, I’m just fascinated at the fact that here we are 7 years later talking about Having passed TIFs for 2 projects that prior to COVID would have potentially created revenue and put us in a better position.”

We’ve got to find all the revenue needed before we even start talking about new revenue for— from taxpayers and from businesses.”

Can you tell me the number of sewers replacement that are going into ‘37? Can you give me that information?”

…who tracks the tourism and the dollars? So if I ask you who’s tracking the dollars spent with the Bears and everybody coming in town, Who can you answer that?”

So, so we were able to tell who the individuals are that are suing us?”

It’s about knowing what the threshold should be, because if everyone does have any share of a TIF, I think it makes sense for all of those parties to then be consulted independent of what percentage.”

I really do appreciate that this has been moving forward. It’s something we’ve actually been been talking about for a number of years, and part of the reason why the Lincoln Avenue TIF had been extended for 13 years is knowing that there are investments in that stretch that need that kind of support.”

I think we need a full pension payment. I am gravely concerned that we’re doing what councils in the past have done, and that’s try to solve a problem for one year that leads to much larger problems in future years.”

They had to take out a $1.8 billion short-term loan. They’re paying over $220,000 a day in interest, and I think their running total now is up to over $62 million, um, in, in borrowing costs.”

Do you know how many police officers have been shot in the last 2 years in the city of Chicago?”

How often are they gonna meet, and is there some additional detail you can share about how the oversight that they will provide will occur working in lockstep with Choose Chicago?”

So we report an abandoned vehicle you come out and put the 7-day notice up, and at that same time you, you send out a notice for a hearing?”