From Chicago Sun-Times · · 2m
Finance Committee approves $201.6M Foundry Park subsidy
Chicago Finance Committee backs $201.6M tax increment subsidy for Foundry Park megaproject.
In brief
Chicago Finance Committee backs $201.6M tax increment subsidy for Foundry Park megaproject. Chicago Finance Committee approved $201.6 million tax increment financing subsidy for Foundry Park, a scaled-down replacement for failed Lincoln Yards project. Originally reported by Chicago Sun-Times.
Finance Committee approves subsidy
Chicago Finance Committee approved $201.6 million tax increment financing subsidy for Foundry Park megaproject.
Subsidy pales compared to Lincoln Yards
The $201.6 million TIF subsidy pales by comparison to the $1.3 billion TIF subsidy former Mayor Rahm Emanuel promised for failed Lincoln Yards megaproject.
Unite Here Local 1 demands job guarantees
Unite Here Local 1 urged Finance Committee to withhold subsidy until union job guarantees were secured for 200,000-square-foot hotel.
Developer Jim Letchinger responds
Developer Jim Letchinger said he’s a strong believer in Chicago unions but can’t make commitments without hotel operator choice.
Ald. Reilly emphasizes union importance
Downtown Ald. Brendan Reilly stressed union priorities for properties in Chicago’s union town.
Letchinger promises infrastructure delivery
Letchinger pledged to build parks, riverwalk, improved roadwork, and pedestrian/bike bridge connecting to 606 once financed.
Lincoln Yards subsidy history
In 2018, former Mayor Rahm Emanuel proposed $1.3 billion TIF subsidy for Lincoln Yards that collapsed due to pandemic and interest rates.
25% of Lincoln Yards infrastructure covered
The $201.6 million subsidy covers 25% of $800 million roads, bridges, utilities and mass transit improvements mandated for Lincoln Yards.
Ald. Hopkins helped secure subsidy
2nd Ward Ald. Brian Hopkins helped secure Lincoln Yards subsidy before losing project to 32nd Ward Ald. Scott Waguespack.
Letchinger acknowledges infrastructure gaps
Letchinger admitted other infrastructure like river bridge and Elston Avenue realignment are not possible without city involvement.
Waguespack focuses on street improvements
32nd Ward Ald. Scott Waguespack said subsidy will rebuild Southport and Cortland streets with modern sewer systems and roads.
Waguespack highlights riverfront expansion
Waguespack promised doubled riverfront space from 30 feet to 60 feet for kayak launches and public relaxation areas.
Residential and affordable housing plan
Project includes up to 3,737 residences with 20% designated as affordable housing to comply with city rules.
Waguespack supports reduced subsidy
Waguespack embraced lower density and reduced subsidy to focus on projects that could actually come to fruition.
Sterling Bay's failed plans
Sterling Bay wanted massive Elston-Armitage intersection with bridge over Ashland Avenue but Waguespack said it would not happen.
The headline
Chicago Finance Committee approved $201.6 million tax increment financing subsidy for Foundry Park, a scaled-down replacement for failed Lincoln Yards project.
