Chicago Ald. Joe Moore (49th Ward) is still considering it, according to BusinessWeek:

“I am concerned with our willingness to just rush in and sign off on all these other Wal-Marts,” Alderman Joe Moore said in a telephone interview. It would be wiser for the city to wait and see how the second store, on the far south side, affects surrounding businesses and the neighborhood, he said. [...]

He said he hadn’t decided whether to follow through on his threat to delay a council vote [Wednesday] on the Chatham store if the law department found the $8.75-an-hour wage unenforceable. [...] Two aldermen could delay the Wal-Mart vote with a motion to defer, Moore said. He said he is “fairly confident” he could find a colleague to help him stall the vote.

Today's full council meeting is just beginning.  Check back later today to see if Moore followed through or not.

UPDATE (11:45 a.m.): The ordinance clearing the way for the third Walmart passed 41-4.