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Chicago Mayor Proposes $425M in TIF Support for The 78 Development
Chicago Mayor Brandon Johnson has proposed directing $425 million in Tax Increment Financing (TIF) money to support “The 78,” a development project that includes a proposed Chicago Fire soccer stadium.
The $424.9 million in proposed support would reimburse the developer, Roosevelt/Clark Partners LLC, for eligible construction costs. While the project was initially said to be privately financed, Johnson’s proposal would use public funds to support infrastructure tied to the development. Roosevelt/Clark Partners LLC is led by Related Midwest.
Construction activity is underway at the site, located between Chinatown and the South Loop. The TIF funds would help build out a neighborhood district around the stadium, including infrastructure and a large city-owned parking facility. Future phases of The 78 include up to 10,000 planned residential units, retail, office and institutional uses within the $8 billion project. The site, vacant for approximately 50 years, was previously occupied by a rail yard.
