The Chicago City Council Finance Committee on Monday delayed action on an ordinance codifying a previous executive order requiring the city to declare at least 25 percent of its unrestricting Tax Increment Financing (TIF) funds as a surplus each year.
Aarti Kotak, managing deputy commissioner of the Department of Planning and Development, explained to committee members that the ordinance codified a Nov. 8, 2013 executive order issued from Mayor Rahm Emanuel.