# Finance Committee approves $201.6M Foundry Park subsidy

> Chicago Finance Committee backs $201.6M tax increment subsidy for Foundry Park megaproject.
- Title: Finance Committee approves $201.6M Foundry Park subsidy
- Summary: Chicago Finance Committee backs $201.6M tax increment subsidy for Foundry Park megaproject. Chicago Finance Committee approved $201.6 million tax increment…
- Keywords: foundry park, chicago, finance committee, tif subsidy, jdl development, unite here local 1, lincoln yards, brandon johnson, 201.6m, city council, tif, tax increment financing
- Source: Chicago Sun-Times — https://chicago.suntimes.com/city-hall/2026/09/22/foundry-park-mega-project-tif-subsidy-finance-committee-approval
- Published: 2026-09-22T22:53:10.409+00:00
- Read time: 2 min
- Topics: foundry park, chicago, finance committee, tif subsidy, jdl development, unite here local 1, lincoln yards, brandon johnson, 201.6m, city council, tif, tax increment financing
## 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.
## Key takeaway

Chicago Finance Committee approved $201.6 million tax increment financing subsidy for Foundry Park, a scaled-down replacement for failed Lincoln Yards project.