The City Council’s finance committee approved the financing package for infrastructure around the new stadium, located on the parcel of land known as “The 78.”
The Chicago City Council’s Finance Committee advanced a plan to invest more than $400 million in improvements and infrastructure around the site of the new Chicago Fire stadium.
That stadium itself is being privately financed, but the $424 million in Tax Increment Funding (TIF) money will go toward a series of improvements around the site, which is located at “The 78” development in the South Loop.
According to officials, the package includes $216 million for a parking garage, $100 million in road improvements, $36 million for Metra upgrades, and other items like a improved riverwall along the banks of the Chicago River and improved pedestrian access to the site.
“Not one taxpayer dollar will used to fund the operate the stadium, its private costs, or any vertical developments,” said Department of Planning and Development Deputy Commissioner Jeffrey Cohen during the hearing.
Chicago Mayor Brandon Johnson proposed the plan to use TIF funding for the project, with the incremental increases in property tax revenues associated with the area around the project getting moved into special accounts controlled by the mayor’s office to spend on new construction projects like the Fire’s stadium.
Most City Council members today supported the plan, saying it’s a worthwhile investment to bring in new economic development to the area, but 34th Ward Alderman Bill Conway says there are better ways to spend taxpayer dollars.
“At a time when Chicagoans are struggling, struggling with public safety concerns, concern about the CTA, streets crumbling – the fact we approved $250 million for a stadium and a parking garage and plaza makes no sense,” Conway said.
A spokeperson for Related Midwest – the company that owns the land – praised the voteon Monday.
“Our vision for Chicago’s next great neighborhood relies on TIF-supported infrastructure that once complete, will help bring billions of dollars in private investment to a long dormant stretch of downtown riverfront,” the spokesperson said in a statement.
But earlier, a coalition of residents on the Near South Side said the vote amounts to a taxpayer giveaway to a wealthy private developer.
“We want to make the call today to have TIFs to be used to benefit all public members, not paid parking,” said Sarah Tang of the group “CBA for 78 Coalition.”
The package faces a full vote in the City Council on Wednesday.
Meanwhile, there was some unfinished business, as the multibillion sale of the city of Chicago’s parking meters from Morgan Stanley to Stonepeak remains up in the air. A vote was supposed to take place Monday, but it was instead delayed a third time. If the sale isn’t approved, Stonepeak has threatened legal action against the city.
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