Chicago Politics

Redevelopment agreement with Foundry Park Properties KP7 LLC to provide tax increment financing (TIF) assistance for development of Foundry Park project at 31-acre site bounded by W Dickens Ave, North Branch of Chicago River and N Kingsbury St and N Southport Ave

Roll call: Passed Sep 23, 2026

49 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 Sep 23, 2026.

Nay (1): Maria E. Hadden (49)

Yea (46): Daniel La Spata (1), Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), 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), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Debra L. Silverstein (50)

Former members who voted: Jeylu B. Gutierrez (Yea), Byron Sigcho-Lopez (Yea), Rossana Rodriguez Sanchez (Yea)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2026-0027166 Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.

The City Council approved a redevelopment agreement for Foundry Park’s mixed-use project on a 31-acre site near the North Branch of the Chicago River, allowing the city to issue up to $201.6 million in tax-increment-financed notes to help pay for infrastructure. The notes will be repaid only from future incremental taxes earned in the redevelopment area.

Money

Who: The developer, Foundry Park Properties KP7, LLC, the City of Chicago, and future residents or businesses at the Foundry Park site are affected.

Where: The 31-acre site bounded by West Dickens Avenue, the North Branch of the Chicago River, North Kingsbury Street, and North Southport Avenue in Chicago.

Timeline

Documents