Amended and restated redevelopment agreement with Roosevelt/Clark Partners LLC to provide tax increment financing (TIF) assistance for development of various public ways related to The 78 project
- Record number: SO2026-0026267
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Introduced: Jun 17, 2026
- Final action: Jul 15, 2026
- Official record: Office of the City Clerk
Roll call: Passed Jul 15, 2026
47 yea, 1 nay. This was a divided vote. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Jul 15, 2026.
Yea (45): Daniel La Spata (1), Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Marty Quinn (13), Raymond A. Lopez (15), Stephanie D. Coleman (16), David H. Moore (17), Derrick G. Curtis (18), Matthew J. O'Shea (19), Jeanette B. Taylor (20), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Silvana Tabares (23), Monique L. Scott (24), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), William Conway (34), Anthony J. Quezada (35), Gilbert Villegas (36), Emma Mitts (37), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Debra L. Silverstein (50)
Not voting (2): Desmon C. Yancy (5), Angela Clay (46)
Former members who voted: Jeylu B. Gutierrez (Yea), Byron Sigcho-Lopez (Nay), Rossana Rodriguez Sanchez (Yea)
Plain-language summary
Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2026-0026267 Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.
The City Council approved an amendment to the redevelopment agreement with Roosevelt/Clark Partners for The 78 project, allowing the city to issue a note of up to $181 million to fund public infrastructure. The money will come from tax increment financing generated in the Roosevelt/Clark area and will be used for roads, utilities and other public improvements.
- The agreement is fully restated to reflect new project scope.
- The City may issue a City Note up to $181,156,066 to pay for TIF-funded infrastructure.
- The note’s costs include issuance fees, up to three years of capitalized interest, and a debt-service reserve deposit.
- Incremental taxes from the Roosevelt/Clark TIF Fund will service the note, with a special debt-service sub-account created.
- The developer, Roosevelt/Clark Partners LLC, is designated as the project developer.
Money
- $181,156,066 – maximum principal amount of the City Note for eligible redevelopment costs
- Costs of issuance of the City Note – permitted note expenditure
- Capitalized interest on the City Note for up to three years – permitted note expenditure
- Deposit to a debt service reserve fund – up to the lesser of 10% of principal, 125% of average annual debt service, or the maximum annual debt service
Who: The City of Chicago, the developer Roosevelt/Clark Partners LLC, holders of the City Note, and residents and businesses in the Roosevelt/Clark redevelopment area are affected.
Where: Roosevelt/Clark Redevelopment Area, part of The 78 project in Chicago
Timeline
- Jun 17, 2026: Referred, City Council
- Jul 13, 2026: Substituted
- Jul 13, 2026: Recommended to Pass, Committee on Finance
- Jul 15, 2026: Passed, City Council
Documents
- SO2026-0026267 Committee Letter.pdf (Committee Letter)
- O2026-0026267 EDS_Redacted.pdf (EDS)
- SO2026-0026267 Substitute Ordinance.pdf (Legislation)
- SO2026-0026267 Substitute Ex A Amended-Restated RDA with subex A thru J.pdf (Exhibits)
- O2026-0026267 Ex A Amended-Restated RDA with subex A thru J.pdf (Exhibits)
- O2026-0026267 Mayoral Letter.pdf (Miscellaneous)
- O2026-0026267 Ordinance.pdf (Legislation)