# 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

[Votes](https://www.chicagopolitics.org/legislation) › [Finance](https://www.chicagopolitics.org/committee/finance)

- Record number: **SO2026-0026267**
- Type: Ordinance; category: Agreements
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance)
- Introduction Date: Jun 17, 2026
- Final Action Date: Jul 15, 2026
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=667F2498-5D6A-F111-A823-001DD8019941)

## 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](https://www.chicagopolitics.org/meeting/DF5C52EA-0D6B-F111-A823-001DD8019941).

**Nay (1)**: [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (25)

**Yea (47)**: [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), [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), [Jeylú B. Gutiérrez](https://www.chicagopolitics.org/ward/14) (14), [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), [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (33), [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), [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (47), [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (48), [Maria E. Hadden](https://www.chicagopolitics.org/ward/49) (49), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

**Not voting (2)**: [Desmon C. Yancy](https://www.chicagopolitics.org/ward/5) (5), [Angela Clay](https://www.chicagopolitics.org/ward/46) (46)

## Plain-language summary

> Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: [SO2026-0026267 Substitute Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a32fe03c-4ea5-4a1b-807e-fd31a074aa5f.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](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a32fe03c-4ea5-4a1b-807e-fd31a074aa5f.pdf). 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](https://www.chicagopolitics.org/meeting/DF5C52EA-0D6B-F111-A823-001DD8019941). On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

## Documents

- [SO2026-0026267 Committee Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/c3dd2fd7-dbde-4284-8601-8b78c62ceea0.pdf) (Committee Letter)
- [O2026-0026267 EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ae51dda5-b9a5-4f63-901b-af19bc42b314.pdf) (EDS)
- [SO2026-0026267 Substitute Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a32fe03c-4ea5-4a1b-807e-fd31a074aa5f.pdf) (Legislation)
- [SO2026-0026267 Substitute Ex A Amended-Restated RDA with subex A thru J.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/17d6a280-92b1-4f3c-993a-43a542d4b796.pdf) (Exhibits)
- [O2026-0026267 Ex A Amended-Restated RDA with subex A thru J.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/9d746a2d-f0a9-4c6b-8a3f-ef037f75f4c9.pdf) (Exhibits)
- [O2026-0026267 Mayoral Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/9832dbd2-6a1b-42b0-b109-7c173ed67158.pdf) (Miscellaneous)
- [O2026-0026267 Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a68cf179-dc22-4545-a5c4-febfc7801c09.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)

## Related legislation

**More from Johnson, Brandon**

- [Executive Order No. 2026-7 (Senior Bill of Rights and Establishing the Mayor's Office on Aging)](https://www.chicagopolitics.org/matter/F2026-0029547-executive-order-no-senior-bill-rights) (F2026-0029547, introduced Dec 8, 2026, Placed on File)
- [Issuance of general obligation bonds (2027-2028 General Obligation Borrowing Ordinance)](https://www.chicagopolitics.org/matter/O2026-0029650-issuance-general-obligation-bonds-general-obligation) (O2026-0029650, introduced Oct 21, 2026, Referred)
- [Fiscal Year 2027 Budget Recommendations](https://www.chicagopolitics.org/matter/O2026-0029642-fiscal-year-2027-budget-recommendations) (O2026-0029642, introduced Oct 21, 2026, Referred)

**More on Agreements**

- [Redevelopment agreement with Oak-Larrabee LLC to provide tax increment financing (TIF) assistance for development of property at 955 N…](https://www.chicagopolitics.org/matter/O2026-0029418-redevelopment-agreement-oak-larrabee-llc-provide) (O2026-0029418, introduced Oct 14, 2026, Referred)
- [First amendment to redevelopment agreement with 1539 N. Pulaski Road HHDC LP, 1539 N. Pulaski Road Charitable Corporation and Hispanic…](https://www.chicagopolitics.org/matter/O2026-0029408-first-redevelopment-agreement-1539-n-pulaski) (O2026-0029408, introduced Oct 14, 2026, Referred)
- [Redevelopment agreement with North Lawndale Catalyst Initiative NFP to provide tax increment financing (TIF) assistance for development of…](https://www.chicagopolitics.org/matter/O2026-0028748-redevelopment-agreement-north-lawndale-catalyst-initiative) (O2026-0028748, introduced Sep 23, 2026, Passed)

Sources and methods: [how we get and count this data](/about#methods) · [report an error](/about#corrections)

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Source: https://www.chicagopolitics.org/matter/SO2026-0026267-amended-restated-redevelopment-agreement-roosevelt-clark · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt