The Chicago Department of Transportation and the Chicago-based consulting firm of Chicago-born consulting firm Chia, which helped broker the deal, will share the first $4 billion of the port contract.
Chicago Mayor Rahm Emanuel’s administration also agreed to pay $100 million in state and federal tax credits.
The city has received more than $200 million in public funds to construct a $9.2 billion port at the northern edge of the Chicago River, which is the first phase of the new terminal.
The project is set to open in 2021 and will serve the South and West Sides, and the North and South Sides.
The $4,839 million in contracts and other incentives, including tax breaks, will be shared by the Department of Public Works, the Port Authority and the Illinois Port Authority.
The Port Authority is responsible for overseeing the construction.
In addition to the port construction, Chicago has received about $1.6 million in federal funds for infrastructure, including the construction of the South Side’s West Side Waterfront, which will be completed in 2023.
The city will be responsible for financing and maintaining the Waterfront.