City Hall is pictured in this file photo. [Don Vincent/The Daily Line]

The City Council Committee on Finance approved two significant bond transactions Wednesday that are aimed at helping the city address big budget holes by reducing its debt service and increasing cash flow savings.

Finance chair Pat Dowell is pictured during a City Council meeting on June 12, 2024. [Don Vincent/The Daily Line]

The City Council Committee on Finance on Monday approved millions of dollars in tax-increment financing (TIF) and other financial assistance for housing developments and a park project and millions of dollars to settle lawsuits involving alleged police misconduct. But the committee delayed a vote on a controversial expansion of the TIF district in Pilsen.

Finance Committee Chair Pat Dowell is pictured in March 2023. [Don Vincent/The Daily Line]

The City Council finance committee on Monday will consider an $11.6 million legal settlement, an expansion of the tax increment financing (TIF) district in Pilsen and millions in TIF dollars to various projects citywide. The Committee on Finance will meet at 10 a.m. in council chambers.

Ald. Pat Dowell, who chairs the Finance Committee, is seen in March 2023 at a council meeting. [Don Vincent/The Daily Line]

The City Council Committee on Finance Monday approved various measures allocating tax increment financing (TIF) dollars to citywide projects and bond issuances for office space-to-housing conversions downtown.

Finance Chair Pat Dowell is pictured in March 2023. [Don Vincent/The Daily Line]

The City Council Committee on Finance will meet Monday and hold two public hearings plus a regular meeting to consider its routine matters. 

The regular agenda includes various measures allocating tax increment financing (TIF) dollars to citywide projects, bond issuances for office space-to-housing conversions and millions of dollars in proposed settlement agreements in police misconduct cases. Finance committee business begins at 10 a.m. in council chambers.

City Hall is pictured in this file photo.

The City Council Committee on Finance will meet Monday and consider a measure to create a pilot program to help customers that have experienced spiking water and sewer bills after leaks. The finance committee will also consider a legal settlement related to a woman’s death in police custody, the issuance of housing bonds to help build a new affordable development in Humboldt Park and multiple allocations of tax increment financing (TIF) dollars. 

The finance committee will meet at 9:30 a.m. in council chambers at City Hall.

The Cook County Finance Committee unanimously approved a proposed resolution modifying the allocation of the county’s Disaster Response and Recovery Fund on Wednesday. The resolution (24-2103) authorizes $70 million to be repurposed for food service and other costs for new migrant arrivals throughout the year, fulfilling the county’s share of a three-government deal to close a gap in funding.

In February, Cook County Board President Toni Preckwinkle and Gov. JB Pritzker announced joint funding plans to assist the ongoing influx of thousands of migrants including asylum seekers arriving from Texas and close a $321 million gap in funding. The governor is seeking $182 million in funding for fiscal year 2025, and the county board president requested the board of commissioners reallocate previously approved funding for migrants.

Ald. Brendan Reilly (42) is pictured during a City Council meeting on April 17, 2024. [Don Vincent/The Daily Line]

The City Council Committee on Finance reconvened its recessed meeting Wednesday morning and voted to recommend approval of Mayor Brandon Johnson’s $1.25 billion economic development and housing bond proposal, which was then deferred by the City Council later that day, postponing a final vote on the proposal until a special council meeting on Friday.

The City Council meets on March 20, 2024. [Michael McDevitt/The Daily Line]

The City Council will consider giving final approval to the mayor’s request for $70 million in additional funds to shelter, feed and care for migrants, multiple cabinet appointments, a Democratic National Convention (DNC) security measure, new regulations for scooter share businesses, a measure to track migrant evictions and an ordinance that could keep ShotSpotter in some wards on an individual basis.

The council could also hold a vote on the mayor’s housing and economic development bond proposal depending on the outcome of a potential finance committee vote.

Ald. Pat Dowell (3), pictured in March 2023, chairs the finance committee. [Don Vincent/The Daily Line]

The City Council Committee on Finance will hold a hearing Friday afternoon on Mayor Brandon Johnson’s $1.25 billion bond proposal, giving alderpeople the first chance to ask the administration questions about the mayor’s plan to broadly invest in housing and economic development.