As I've explained many times, once a TIF district is created it essentially freezes the amount of tax revenue the schools, parks, county, and other taxing bodies get from it for up to 24 years. Any new revenue is diverted into the TIF fund, which is effectively controlled by the mayor with little oversight or transparency. Tax rates for the schools, parks, county, and other taxing bodies then have to be raised to compensate for the money pulled into the TIF accounts—thus producing a tax hike. Get it, Mayor Daley?
No? Here's another simple way to look at it: in each of the last several years the TIFs have collected about $500 million. That's money forked over by taxpayers on top of what they've paid to the city, county, schools, and parks.
Extending the life of a TIF district requires approval by the state legislature and the governor. Until last spring they'd never done it before in Chicago, though they've done it many times for suburban and downstate communities.
You'd hope that in these calamitous economic times, Governor Quinn, house speaker Michael Madigan, and senate president John Cullerton would feel compelled to hold hearings and engage in debate before effectively raising Chicagoans' property taxes. But you'd hope in vain.
Back on February 13, state rep Kevin Joyce introduced a bill to expand the kinds of materials open to the public under the Illinois Freedom of Information Act. On April 3 that bill passed the house and was sent to the senate, where it sat in committee for weeks. Legislators tell me that during that time city lobbyists got in touch with their allies in the senate, and on May 18 Senator Don Harmon gutted the bill, removing the language about the FOIA and adding an amendment that extended the life of the four Chicago TIF districts: Madden/Wells, Roosevelt/Racine, Stony Island/Burnside, and Englewood Mall. None of these fall into Harmon's legislative district.
In Chatham we have the 87th Street/Cottage Grove TIF that goes from 95th Cottage Grove to 71st Cottage and also includes portion of 79th street from King Drive to Cottage Grove. According to the Cook County Clerks Office approximately 45% of the tax dolllars generated go to the TIF.
Where are the improvements such as lights, sidewalks, etc? Show us the money!
Personally some funds should be devoted to clean-up during business hours as well. I think that's important to the thriving commercial areas on 79th & on Cottage Grove.
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