Overview
- The full City Council approved the roughly $424.9–$425 million tax-increment financing package on Wednesday, July 15, 2026 to pay for roads, utilities, riverwall work and a city-owned podium and parking garage at The 78.
- The largest single line item is about $216 million for a 1,200-space city-owned podium/underground parking garage that city planners say is needed to address a 40-foot grade change and make the northern portion of the 62-acre site buildable.
- The privately financed Chicago Fire stadium, funded by owner Joe Mansueto at an estimated $750 million, is already under construction and is scheduled to open in 2028; TIF dollars will pay only for surrounding public infrastructure, not the stadium itself.
- The plan uses an inter-district transfer of roughly $287 million over eight years from the Canal/Congress TIF to the Roosevelt/Clark TIF, a move critics say will divert funds away from other wards and projects such as Union Station and Ogilvie maintenance.
- Supporters argue the infrastructure will unlock housing, retail and billions in private investment on a parcel that sat mostly vacant for decades, while aldermen and community groups warn the deal prioritizes parking over affordable housing, transit commitments and local hiring guarantees.