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That pushes off the debt at an up-front cost of $468,000. “During the most recent legislative session, the City worked closely with the ISFA board as well as the Governor’s office to grant ISFA much-needed refinancing authority and appropriate up to $20 million to address the [2021 fiscal year] shortfall resulting from the precipitous decline in hotel tax revenues during the pandemic that is projected to impact the City’s budget in [the 2021 fiscal year] and beyond,” Chicago’s Chief Financial Officer Jennie Huang Bennett was quoted as saying in a statement. “Over the course of the pandemic, hotel tax revenues declined 75-90%, creating a one-time, once in a century event that required this adjustment. We appreciate the collaboration from all involved to make this a reality.”

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