A decade-old, 18-story, taxpayer-funded hotel in the village of Lombard is headed for bankruptcy, proving to be a misguided investment of taxpayer dollars.
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.
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.