{"id":853161,"date":"2026-06-08T16:42:13","date_gmt":"2026-06-08T16:42:13","guid":{"rendered":"https:\/\/www.europesays.com\/us\/853161\/"},"modified":"2026-06-08T16:42:13","modified_gmt":"2026-06-08T16:42:13","slug":"foundry-park-developers-seeking-202m-in-tif-reimbursements","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/853161\/","title":{"rendered":"Foundry Park Developers Seeking $202M in TIF Reimbursements"},"content":{"rendered":"

The tax-increment financing spigot is set to open for JDL Development and Kanye Anderson Real Estate\u2019s $3 billion Foundry Park<\/a> megadevelopment.\u00a0<\/p>\n

If the city\u2019s Community Development Commission votes to open the floodgates on Tuesday, Foundry Park will benefit from $202 million in future TIF money, according to Crain\u2019s<\/a>. Foundry Park sits on the north half of the ambitious but doomed former Lincoln Yards site from developer Sterling Bay, and calls for 3,200 residential units among retail and office space offerings.\u00a0<\/p>\n

The money would go towards reimbursing JDL and Kanye Anderson for work on roadways and park space, according to the outlet. Traffic congestion and other infrastructure issues were significant hurdles for the Lincoln Yards proposal. Despite the Foundry Park\u2019s narrowed focus, infrastructure issues remain one of the key elements, so much so that Alderman Brian Hopkins voted against rezoning, stating that framework solutions needed to be clear before being greenlit.\u00a0<\/p>\n

JDL CEO Jim Ketchinger told the outlet earlier in 2026 that the city wasn\u2019t \u201clooking for us to commit to public projects that we can\u2019t control,\u201d citing the smaller scope and less necessary infrastructure as a benefit. Specifically, the proposed $202 million would be portioned into around $70 million for new roadways, $21.5 million for an extension of the 606 trail that bridges the river, as well as other preparation work.\u00a0<\/p>\n

The Lincoln Yards<\/a> redevelopment agreement called for more than double Foundry Park\u2019s intake of TIF funds. A total of $490 million was earmarked for Sterling Bay\u2019s Lincoln Yards\u2019 TIF-refundable infrastructure in just its first phase.\u00a0<\/p>\n

That plan called for a new intersection at North Elston Avenue and Ashland Avenue, new vehicle bridges and new roads, according to the outlet. Foundry Park, by comparison, benefits from lower density and a smaller scope. The southern half of the Lincoln Yards site is owned by Novak Construction<\/a>, who have not made their ambitions<\/a> public.\u00a0<\/p>\n

\u2014 Hunter Cooke<\/p>\n

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Chicago green-lights $3B Foundry Park, reviving former Lincoln Yards site<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t\"1642\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Sterling Bay sheds another Lincoln Yards-adjacent site<\/p>\n

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John Novak strengthens grip along Chicago River with two more purchases<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The tax-increment financing spigot is set to open for JDL Development and Kanye Anderson Real Estate\u2019s $3 billion…\n","protected":false},"author":3,"featured_media":853162,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5124],"tags":[960,261353,5386,1818],"class_list":["post-853161","post","type-post","status-publish","format-standard","has-post-thumbnail","category-chicago","tag-chicago","tag-foundry-park","tag-il","tag-illinois"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116715491598479609","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/853161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=853161"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/853161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/853162"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=853161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=853161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=853161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}