Tax increment financing

Rahm on TIF

10/14/2010
by Kate Piercy Not many people understand tax increment financing (TIF) very well, and the lack of transparency in the TIF process, particularly in Chicago, leaves many taxpayers unaware of exactly where TIF developments are located, how many tax dollars are going into these TIFs, and how the money is being spent. Mayoral candidates looking to fill...

Daley Proposes Dipping into TIF Reserves to Balance Budget

10/14/2010
by Kate Piercy Mayor Daley went forward with his plans to use TIF reserves in order to “balance” his proposed FY2011 budget, leaving it to his future replacement to tackle the inherent problems that led the city into a deficit in the first place. Balancing the budget is important, but TIFs were not created to be used...

TAGS: Chicago, Daley

Tax Increment Financing: Hidden in Plain Sight

By Kate Campaigne Piercy
10/12/2010
The Problem Although tax increment financing (TIF) has been around for over thirty years, many people do not understand how it works, how it affects their communities or their pocketbooks. Most people have no idea a significant portion of their property taxes are flowing into the hands of real-estate developers instead of their schools, public...

Liberty Leaders: Help Stop TIF Taxpayer Abuse

10/12/2010
by Brian Costin This is the weekly Liberty Leaders e-mail sent out for the second week of October. To sign up for the weekly (every Tuesday) Liberty Leaders email click here, select Volunteer Opportunities (Liberty Leaders Program). Help Stop TIF Abuse Tax increment financing (TIF) has been around for over thirty years, many people do not understand...

TIF District Policy Becomes Issue in Chicago Mayoral Race

10/04/2010
With the Chicago Mayoral race heating up, so too is talk about the City’s $500M annual Tax Increment Financing (TIF) revenues.  Former Chief of Staff to President Obama, Rham Emanuel recently gave a call to former Alderman and now U.S. Congressman Mike Quigley in regards to Chicago’s TIF districts. Recently, two Cook County Board President candidates,...

How Do You Solve a Problem Like Chicago?

09/28/2010
by Amanda Griffin-Johnson Earlier this week, Chicago’s Inspector General (IGO) released the second annual “Budget Options” report featuring 63 options for the city to cut costs or raise revenues. While the ideas range from low-hanging fruit to political non-starters, the report highlights the severity of the fiscal difficulties the city is facing with personnel costs and...

Chicago Misspent TIF Funds, Says Audit

06/30/2010
by Kate Piercy Because of “improper spending and oversight of TIFs,” Inspector General Joe Ferguson has concluded the City of Chicago lost Chicago taxpayers “$1.2 million in funds generated by the now-defunct Central Loop tax-increment-financing district — and spent $329,000 for ineligible art work,” according to a Sun-Times report. Ferguson audited of “more than four years worth...

Time To Throw A TIF: Invisible, unaccountable taxes you’ve never heard of

By Kate Campaigne Piercy
01/09/2009
The Problem Bob and Rita Smith* are generous people. Every year, they give about $2,000 to wealthy, politically connected real estate developers doing business in their Wilson Yard neighborhood. Bob and Rita live frugally, work hard to save for retirement, and struggle to make ends meet each month—and yet, they keep on giving to the...

FAQ: How the federal scholarship program would help Illinois students

Illinois students could soon benefit from scholarship money to help them find a tutor, attend ACT or SAT prep sessions, pay tuition, get special education services or assist with other academic needs. That will happen in Illinois only if Gov. J.B. Pritzker lets the state’s schoolchildren benefit from the Federal Scholarship Tax Credit program, established...

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