Last week, the mayor introduced a proposal to authorize up to about $425 million from both the Roosevelt/Clark and Canal/Congress tax increment financing (TIF) districts to cover the cost of various street, pedestrian and transportation improvements for The 78, the massive mixed-use development from Related Midwest that will be anchored by the new stadium. 

“These investments are necessary to drive economic activity,” Johnson said following the introduction of the proposal at last week’s City Council meeting. “I believe any time that we can attract a private entity to put skin in the game, and then we put skin in the game to build out infrastructure that’s literally going to generate revenue for generations to come.”  

Last September, the City Council approved the latest plans for the estimated $8 billion development, which will be built in phases on the former rail yard site. Crews broke ground on the project this past spring.  

Related: Zoning committee advances revamped plan for The 78 development, including Chicago Fire stadium 

In addition to the 22,000-seat soccer stadium, the 62-acre development’s $650-million first phase is planned to include public parking, open green space, smaller sports fields, bike paths and pickleball courts. The first phase will also feature landscaped riverfront walking space along the Chicago River’s south branch, including a new water taxi stop.  

Related leadership has previously said it hopes to complete phase one by early 2028 to coincide with the 2028 Major League Soccer season. 

Future phases will be subject to site plan approval, alderpeople were told last year, and are proposed to include new structures that will be used for up to 10,000 units of housing and new retail and commercial office space — structures that will replace some of the parking and recreation space. Full buildout is estimated to create 5,000 permanent jobs and a $140 million increase in the annual tax base. 

The proposal to aid the development with $424.9 million in TIF funds was introduced at last week’s council meeting within two ordinances, (O2026-0026275) and (O2026-0026267). The ordinances were referred to the finance committee, which is chaired by Ald. Pat Dowell (3), whose ward contains the project.  

Dowell will hold a town hall with residents Tuesday night to discuss the subsidy proposal. 

The city said in a news release that a public infrastructure agreement for the site first adopted in 2019 and amended in 2022 provides up to $453.7 million in TIF-funded developer reimbursements. 

If the funding is approved by the council, eligible TIF-funded costs would include construction of new portions of South LaSalle, West 13th, West 14th and West 15th streets; improvements to portions of South Wells Street, South Clark Street and West Roosevelt Road; Metra track upgrades, river wall improvements, the construction of a 1,200-space, city-owned parking garage and public open space, the city said. 

The developers would be reimbursed during each construction phase, the city said.