Previous pension obligation bonds in Illinois have increased costs to taxpayers and done nothing to solve the fiscal challenges created by the pension system.
Nearly a third of property tax revenue in Chicago is diverted into 143 TIF districts controlled by the mayor, nearly half of which are located in affluent neighborhoods.
A year after announcing the Mars Wrigley Confectionery project, the candy giant will scrap its plans to expand its Chicago presence and instead encamp in Newark, New Jersey.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.