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
Introduction Date: Jul 15, 2026
Final Action Date: Sep 23, 2026
Official record: Office of the City Clerk

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 (49): 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), 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), Byron Sigcho-López (25), 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), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Debra L. Silverstein (50)

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.

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. The matter was Referred to Committee.
Sep 22, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Sep 22, 2026: Substituted, Committee on Finance. The matter was Substituted in Committee.
Sep 23, 2026: Signed by Mayor, City Council. The matter was Signed by the Mayor.
Sep 23, 2026: Passed, City Council (49 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.