Under its agreement with the state of Illinois, the candy company Haribo of America will bring 25 new jobs to its Rosemont headquarters by October 2018, followed by another 30 by October 2021.
The case against Mount Prospect, Ill., shows how tax increment financing districts siphon tax money from school districts and other taxing bodies, and diverts needed resources and puts pressure on taxpayers to make up the difference.
The Romeoville fulfillment center is one of several Illinois facilities Amazon has opened or plans to open in the coming years. For some of those locations, Amazon has signed deals with the state of Illinois worth tens of millions in potential tax credits.
In 2015, Chicago-headquartered Akuna Capital LLC signed a deal with the state of Illinois that state officials estimated to be worth $4.5 million. As part of the agreement, Akuna agreed to hire 10 new employees. The agreement states the new hires specialized in trading and software.
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.