Foundry Park Redevelopment Agreement

At a glance

What: Substitute ordinance SO2026-0027166 authorizes a redevelopment agreement with Foundry Park Properties KP7 LLC for the Foundry Park mixed-use development on a 31-acre site bounded by West Dickens Avenue, the North Branch of the Chicago River, North Kingsbury Street and North Southport Avenue (32nd Ward, Waguespack's ward).
Money: Tax increment financing (TIF) assistance of up to $201,589,396 for public infrastructure, from the Cortland and Chicago River redevelopment area (adopted April 10, 2019). The City Note and any City grant together cannot exceed that amount. Interest is the 20-year Baa general obligation rate plus up to 225 basis points, never above 7 percent.
Vote: Passed 49 to 1 on September 23, 2026; Hadden voted no. The Finance Committee had recommended passage by voice vote with no dissent on September 22.

The infrastructure covers roads (an extension of North Dominick Street, an extension of North Southport Avenue and reconfiguration of West Dickens Avenue and North Kingsbury Street), utilities, river wall work and about ten components in all.
Public parks are part of the TIF-funded work: Crescent Park (about 1.29 acres), Fitness Park (0.45 acres), Foundry Point Park (two sections, about 1.13 acres) and a riverwalk along about 614 linear feet of single-family frontage. They are to be open to the public and maintained under a declaration.
The Community Development Commission recommended the developer on June 9, 2026 (Resolution 26-CDC-12).
Minority and women business commitments: at least 30 percent MBE and 10 percent WBE of the MBE/WBE budget, plus City-resident hiring and prevailing-wage requirements. The compliance period runs ten years after the last completion certificate.
The record shows no debate; Hadden's reasons for voting no are not stated in the journal.

Finance Committee report (chair Dowell) and passage 49 to 1. Mitchell's motion to reconsider was lost.