Committee on Finance

It’s been announced that today’s meeting will start in just a couple minutes.

The meeting can be viewed virtually using the link below. https://livestream.com/accounts/28669066/events/8800236

It is now 10:04 a.m. A Roll Call is being taken to establish a quroum.

To view the meeting agenda, visit http://chicityclerk.com

A quorum has been achieved allowing the business of the finance committee to commence.

There are no speakers signed up to provide public comment at today’s finance committee meeting.

Jack Brofman, deputy comptroller for the City of Chicago’s department of finance, said the city needs to take an administrative step in relation to the 2018 Wastewater Revenue Bonds and inducement language.

Ald. Raymond Lopez questions whether the bond inducement language will help ensure that steps are taken by the city to guarantee the project is carried out.

Brofman stressed that the bond ordinance had already been in place to make it happen.

For context, bond inducement language is used to declare how a unit of government will pay for project costs with the proceeds from bonds.

Ald. Sophia King asked why the city didn’t have bond inducement language, to begin with.

Brofman replied, saying it’s not been a historical practice to pay for projects upfront.

The committee puts the first communication item from the Office of the Mayor to a vote; it’s approved.

The committee then puts the second communication from the Office of the Mayor to a vote; it’s approved.

Both were in relation to 2018 Wastewater Revenue Bonds.

Up next is committee consideration of an intergovernmental agreement with the Chicago Park District to provide Tax Increment Financing (TIF) funds for restoration site access improvements at Bosley Park, located at 3044 South Bonfield St. in the 11th Ward. The item is approved.

Up next is committee consideration of an intergovernmental agreement with the Chicago Park District to provide TIF funds for restoration of tennis and pickleball courts at Mount Greenwood Park, located at 3721 W. 111 St. in the 19th Ward. The item is approved.

Up next is committee consideration of an intergovernmental agreement with the Chicago Park District to provide TIF funds for various restoration at Beverly Park, located at 2460 W. 102nd St. in the 19th Ward. The item is approved.

Up next is committee consideration of an intergovernmental agreement with the Chicago Park District to provide TIF funds for the construction of a new baseball and softball practice tunnel at Kennedy Park, located at 11320 S. Western Ave. in the 19th Ward. The item is approved.

Next up is a presentation on the next set of proposed ordinances, which will be given by Ivan Hansen, chief facilities officer for Chicago Public Schools.

Hansen said CPS is seeking up to $4.9M in TIF assistance for upgrades to building automation systems at various schools.

Hansen said a majority of the building automation systems are in the range of 15 years of age.

Here’s a look at the existing conditions of building automation systems at various CPS schools. https://t.co/eChy4atokb

A series of motions are made to approve ordinances concerning the authority to enter into and execute intergovernmental agreements with the Chicago Board of Education to pay for building automation system upgrades. The motions carry.

There are currently 77 people tuning into today’s meeting of the Chicago City Council Committee on Finance.

The committee on finance is now moving on to the supplemental agenda items, after reviewing communications from the department of law and placing reports under miscellaneous on the omnibus.

A $400,000 settlement offer is proposed in the case of Darrin Johnson v. Ronald Ayala and the City of Chicago. The finance committee agrees to back the deal without discussion after a brief presentation.

A $200,000 settlement offer is proposed in the case of Esael Morales v. City of Chicago, et al. The finance committee agrees to back the deal without discussion after a brief presentation.

A $1,625,000 settlement in the case of Mia Wright, et al. v. City of Chicago, et al. is brought to the committee. Chairman Scott Waguespack said the agenda item corrects a past error recorded in the settlement amount. This is not another settlement, he said. Motion carries.

Today’s meeting coverage of the Chicago City Council Committee on Finance, brought to you by @CHIdocumenters, adjourned at 11:27 a.m. Visit http://Documenters.org to check out Rob Mayo’s notes from the meeting. #CHIdocumenters