he Chicago City Council may vote Wednesday on deals to spend $424.9 million of tax increment financing on infrastructure for the Chicago Fire soccer stadium site.

On March 3, the Fire broke ground on its $750 million, privately-funded stadium in the city’s South Loop neighborhood.

Jeffrey Cohen, deputy commissioner of the Bureau of Economic Development in the Chicago Department of Planning and Development, explained the new redevelopment agreements to the city council finance committee on Monday.

“If approved, the funds would be used to reimburse eligible costs in the construction of public infrastructure, including new and modified streets, essential utilities, necessary site preparation work and open space connections, as well as a new podium that will house a city-owned parking garage and over two acres of new public open space,” Cohen said.

Cohen said the development would fill a site that has laid dormant for nearly 50 years. “The 78” is being developed by Related Midwest on what Cohen called “a 62-acre hole” in the city grid.

Alderman Bill Conway said much of the project is a bad deal.

“We are being asked to approve more than $400 million of taxpayer money, with over half of it going to a parking lot and a plaza,” Conway said.

Cohen said the parking garage cost would be about $68,000 per parking space.

Alderman Brendan Reilly questioned the deal allowing the transfer of taxpayer funds from the Canal-Congress TIF district to the Roosevelt-Clark district where the stadium is being built.

More here

Tagged: Local BACK TO HOMEPAGE