Finance Committee backs $425 million in tax subsidies for infrastructure near new Chicago Fire stadium
The City Council Finance Committee on Monday backed a plan to spend $425 million in taxpayer funds for new roads, utilities, and other infrastructure supporting Chicago Fire FC's new South Loop stadium in the megaproject known as The 78.
The tax increment financing money, also known as TIF funds, would go to road improvements, repairs to the nearby Chicago River wall, Metra track upgrades, new park space, and other infrastructure projects in The 78, a long-lanned 62-acre development along the south branch of the Chicago River.
Finance Committee members approved a pair of TIF agreements worth nearly $425 million combined. Ald. Pat Dowell (3rd), who chairs the Finance Committee, and whose ward includes The 78, said the infrastructure projects to be funded with the TIF money are necessary to ensure the new Fire stadium is viable.
The $750 million soccer stadium itself would be privately financed by Chicago Fire owner Joe Mansueto. Construction on the stadium is already underway.
Several alderman asked numerous questions, including Ald. Bill Conway (34th), who objected to asking taxpayers to pay $250 million for the construction of a 1,200-space city-owned underground parking garage. The garage would be topped with a public plaza featuring six acres of public park space. The Fire would lease the parking garage from the city on game days.
"Right now, Chicagoans are struggling. They're worried about public safety, they're worried about public transit, they're worried about our infrastructure and our sidewalks are crumbling, and we just spent $250 million on a stadium complex," Conway said.
Conway also blasted city officials for pulling $287 million from a TIF district mostly located in his ward to help pay for the $425 million in infrastructure.
However, Ald. William Hall (6th) said the parking garage will be helpful to luring more housing and retail development to the site, and he also argued that Conway has already benefited from TIF spending in his ward.
"We spent a lot of money in his ward, and we used a lot of his TIF to reimagine LaSalle Street. And, so, the same way we spent a quarter of a billion dollars and counting on LaSalle Street, let's just take this to 12th Street," Hall said.
Some community groups also argued the TIF funds being dedicated to infrastructure surrounding the Fire stadium should be used for community needs instead. Critics also blasted the project for dropping plans to include a new CTA Red Line station at 15th and Clark streets.
The full City Council is expected to vote on the $425 million in TIF funds for the project on Wednesday.
The Fire's new stadium is expected to open in 2028.
