===== PDF PAGE 2 ===== [Extraction: embedded PDF text] DRAFT MINUTES- Pending Approval CITY OF WEST CHICAGO – 475 Main Street FINANCE COMMITTEE MINUTES Regular Meeting March 2, 2026 1. Call to Order, Roll Call and Establishment of a Quorum Alderman Dimas called the meeting to order at 6:00 p.m. on March 2, 2026. Roll call found Daniel M. Beebe, Sandy Dimas, Matthew Myers, Jayme Sheahan, and Rebecca Stout present. Absent: Alderman Tracey Hernandez and Chris Swiatek. A quorum was established. Staff in attendance: Interim City Administrator Tia Messino, Finance Director Nikki Giles, and Business and Community Relations Director Kelley Chrisse. 2. Approval of Minutes Finance Committee Meeting Minutes of December 1, 2025. It was noted Alderman Swiatek arrived at 6:01p.m. Alderman Stout made a motion, seconded by Alderman Myers, to approve the Finance Committee Meeting minutes of December 1, 2025. Voting Aye: Alderman Beebe, Dimas, Myers, Sheahan, Stout, and Swiatek. Voting Nay: 0. Absent: Alderman Hernandez. Motion carried. 3. Public Participation / Presentations. None 4. Items for Consent. A. Ordinance 26-O-0004 – An ordinance providing for the issuance of approximately $9,395,000 General Obligation Bonds, Series 2026, of the City of West Chicago, DuPage County, Illinois for the purpose of financing capital improvements within the City, including but not limited to, street and roadway improvements, and paying the expenses incident thereto, providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on said bonds, and authorizing the sale of said bons to the purchaser thereof. Finance Director Nikki Giles said that due to the recent escalation of events internationally and the instability in the financial markets it was recommended by the financial advisor, Anthony Micelli from Speer Financial, to postpone the bond sale for two weeks. She said it was anticipated to return with an updated bond ordinance at a special Finance Committee meeting on March 16. Financial advisor, Anthony Micelli from Speer Financial provided an update noting that this morning they were scheduled to take bids via competitive sale on the City’s 2026 bonds. Due to uncertainty in the global credit market, it was determined that we should ===== PDF PAGE 3 ===== [Extraction: embedded PDF text] wait for two weeks to understand where rates will be going. He noted that two weeks would buy us time and allow us to have a successful bond sale. Alderman Stout asked if another postponement would happen if events dragged on longer. Mr. Micelli responded that it is very likely the events would drag but the financial market would be up and running and there would not be a need for another postponement. However, if for any reason we determine the sale can’t happen in two weeks, we will discuss other options. Additional questions were fielded and answered. Alderman Swiatek made a motion, seconded by Alderman Beebe, to table the item on the Consent Agenda. Voting Aye: All Aldermen voted Aye by voice vote. Voting Nay: 0. Absent: Alderman Hernandez. Motion carried. 5. Items for Discussion. A. Amendment to Development Agreement with 1300 Roosevelt Investors LLC & Associated Intergovernmental Agreement with DuPage County. Business and Community Relations Director (BCRD), Kelley Chrisse, provided an update on the upcoming amendment to the Development Agreement with 1300 Roosevelt Investors LLC and the Intergovernmental Agreement (IGA) with DuPage County related to roadway improvements required at the intersection of Fabyan Parkway and Poorman Parkway. She noted that the construction start date is June of 2026 and the developer has submitted permits and they are currently working through the process with DuPage County Transportation. There have been some delays with the permit approvals from DuPage County Transportation because the planned improvements to widen Fabyan Parkway are intertwined with the required Poorman Parkway construction. DuPage County Transportation is now saying the city needs to enter into an IGA with DuPage County Transportation so that construction can happen at the same time. BCRD Chrisse noted that the IGA is necessary to accept the timing and additional cost, which will then be transferred onto the developer through a development agreement amendment. The expected cost for the additional improvements is approximately $550,000 and have provided them with a timing of payments where 50% of the construction costs would be paid upon contract award, 30% would be paid upon substantial completion and the final 20% would be paid upon project closeout. It was noted that the amendment is not increasing the total TIF reimbursement authorization or requesting additional TIF assistance. Questions were fielded and answered. Direction was given to move forward with the amendment and IGA. ===== PDF PAGE 4 ===== [Extraction: embedded PDF text] 6. Unfinished Business. None 7. New Business. None 8. Reports from Staff. None 9. Executive Session (if needed). None 10. Adjournment. At 6:19p.m., Alderman Stout made a motion, seconded by Alderman Swiatek, to adjourn the meeting. All Aldermen voted Aye by voice vote. Respectfully submitted, Josie Avilez