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
Introduction Date: Jun 17, 2026
Final Action Date: 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.

Nay (1): Byron Sigcho-López (25)

Yea (47): 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), Jeylú B. Gutiérrez (14), 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), Rossana Rodríguez Sánchez (33), 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)

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

Impact report

Written by AI from the official document. AI can make mistakes; the official document always wins.

The City would rewrite its agreement with Roosevelt/Clark Partners LLC for The 78 project and issue a city note of up to $181,156,066, repaid only from local TIF property tax growth, to pay for public streets and other public infrastructure.

Who it affects

Roosevelt/Clark Partners LLC (the developer): Would be named developer of the project, build public infrastructure, and receive a city note repaid from TIF taxes for eligible costs up to $181,156,066.
Property owners in the Roosevelt/Clark TIF area: Growth in their property taxes would go into a TIF fund, and part of it would be set aside to pay off the city note.
Chicago taxpayers in general: The note is paid only from TIF tax money and is not a debt against the City's general taxing power, though other City funds could be used for federal tax rebate or penalty payments if the City Council approves them.
Residents and visitors using public ways at The 78: Note money must be used only for publicly owned, publicly open infrastructure such as public ways.
Future owners of the Podium Buildings: Taxes from Podium Building parcels would not be used to repay this note.
City Departments of Planning and Development and Transportation: Their commissioners would be allowed to sign the rewritten agreement and related papers.

What changes

The 2019 redevelopment agreement for The 78 would be fully rewritten to change the scope of the developer's work.
Note money can pay only for public infrastructure, not the Parking Facility, River Wall Improvements, a stadium, or other private uses.
TIF money from the area must pay this note before payments under any separate pay-as-you-go agreements.
A special Roosevelt/Clark Debt Service Account would be created to hold money for note payments.
Note payments depend on whether enough TIF tax money comes in.

Money

City note of up to $181,156,066 in principal, plus issuance costs, up to three years of interest, and a reserve fund, paid to the developer for eligible public infrastructure costs.
The note is repaid only from Available Incremental Taxes (TIF property tax growth) in the Roosevelt/Clark Debt Service Account.
Debt service reserve fund deposit capped at the lowest of 10% of principal, 125% of average yearly payments, or the largest yearly payment.
Taxes from the Podium Building parcels are left out and cannot be used to repay the note.
The City would pay any federal arbitrage rebate or penalty, first from interest earnings and then from other City funds only if the City Council approves.

Where: Roosevelt/Clark Redevelopment Project Area; Canal/Congress Redevelopment Project Area; The 78

When: Upon passage and approval

Timeline

Jun 17, 2026: Referred, City Council. The matter was Referred to Committee.
Jul 13, 2026: Substituted
Jul 13, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Jul 15, 2026: Passed, City Council (47 yea, 1 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

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)

Lobbying and money

Computed links; money near a vote is not evidence that it influenced the vote.

Who lobbied on it

105 Adams Development, LLC: TIF ASSISTANCE (2 filings, Apr 1, 2025 to Dec 31, 2025; Ann Moroney; matched by semantic embedding)

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