# 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

- Record number: **SO2026-0027166**
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Introduced: Jul 15, 2026
- Final action: Sep 23, 2026
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=694AE95E-6680-F111-AB0E-001DD80F46AC)

## 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](https://www.chicagopolitics.org/meeting/5F86622E-F485-F111-AB0E-001DD80ED7AA).

**Nay (1)**: [Maria E. Hadden](https://www.chicagopolitics.org/ward/49) (49)

**Yea (46)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [Pat Dowell](https://www.chicagopolitics.org/ward/3) (3), [Lamont J. Robinson](https://www.chicagopolitics.org/ward/4) (4), [Desmon C. Yancy](https://www.chicagopolitics.org/ward/5) (5), [William E. Hall](https://www.chicagopolitics.org/ward/6) (6), [Gregory I. Mitchell](https://www.chicagopolitics.org/ward/7) (7), [Michelle A. Harris](https://www.chicagopolitics.org/ward/8) (8), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [Peter Chico](https://www.chicagopolitics.org/ward/10) (10), [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (11), [Julia M. Ramirez](https://www.chicagopolitics.org/ward/12) (12), [Marty Quinn](https://www.chicagopolitics.org/ward/13) (13), [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (15), [Stephanie D. Coleman](https://www.chicagopolitics.org/ward/16) (16), [David H. Moore](https://www.chicagopolitics.org/ward/17) (17), [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (18), [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (19), [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Ronnie L. Mosley](https://www.chicagopolitics.org/ward/21) (21), [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (22), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Jessica L. Fuentes](https://www.chicagopolitics.org/ward/26) (26), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27), [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (28), [Chris Taliaferro](https://www.chicagopolitics.org/ward/29) (29), [Ruth Cruz](https://www.chicagopolitics.org/ward/30) (30), [Felix Cardona Jr.](https://www.chicagopolitics.org/ward/31) (31), [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (32), [William Conway](https://www.chicagopolitics.org/ward/34) (34), [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (35), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Angela Clay](https://www.chicagopolitics.org/ward/46) (46), [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (47), [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (48), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (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](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0e20d82b-1d59-4941-8242-f91a030a519c.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.

- The area is designated a redevelopment project and TIF fund is created for it
- Foundry Park Properties KP7, LLC is named the developer for the project
- The city may issue City Notes up to $201,589,396 to fund infrastructure components
- Repayment comes from incremental taxes deposited in a dedicated debt service account
- The notes are limited obligations, not backed by the city’s general taxing power

**Money**

- $201,589,396 – maximum principal amount of City Notes to fund infrastructure
- Costs of issuing the City Note – permitted note expenditures
- Capitalized interest on the City Note for up to three years – permitted note expenditures
- Deposits to a debt service reserve fund up to the lesser of 10% of principal, 125% of average annual debt service, or maximum annual debt service – permitted note expenditures

**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

- Jul 15, 2026: Referred, City Council
- Sep 22, 2026: Substituted, Committee on Finance
- Sep 22, 2026: Recommended to Pass, Committee on Finance
- Sep 23, 2026: Passed, City Council
- Sep 23, 2026: Signed by Mayor, City Council

## Documents

- [O2026-0027166 EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/13e40e5b-97e6-4978-b7b1-032bff8b022a.pdf) (EDS)
- [O2026-0027166 Mayoral Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ff462a16-ba10-4e95-b977-e45077a42242.pdf) (Miscellaneous)
- [O2026-0027166 Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0ca6baa5-a21b-4d9c-ab02-544d95b8c831.pdf) (Legislation)
- [O2026-0027166 Ex A - RDA with subex A thru J.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/6d275472-3784-4861-ba4c-65f7c9ef319e.pdf) (Exhibits)
- [SO2026-0027166 SIGNED.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/4aef38b0-26c8-4f74-9c09-a01e66708033.pdf) (Legislation)
- [SO2026-0027166 Substitute Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0e20d82b-1d59-4941-8242-f91a030a519c.pdf) (Legislation)
- [SO2026-0027166 C.L..pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/41efe925-b57a-4ec4-9cfb-4fbd320a6db9.pdf) (Committee Letter)
- [SO2026-0027166 Substitute Ex A - RDA with subex A thru J.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/1156c5e4-2e19-4a49-8bfa-c78dc53304d0.pdf) (Exhibits)
- [SO2026-0027166 Substitute EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/e5567de4-b180-46d2-ba1c-edd92d8dca44.pdf) (EDS)

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Source: https://www.chicagopolitics.org/matter/694AE95E-6680-F111-AB0E-001DD80F46AC · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt