The growing share of city property taxes sent to tax increment finance districts is sure to fuel the argument over whether the districts actually spur redevelopment and eradicate blight or exacerbate growing inequality in Chicago.
Tax Increment Financing
The battle over the massive $6 billion Lincoln Yards development is far from over. We discuss the controversial project with Aneel Chablani, chief counsel of the Chicago Lawyers’ Committee for Civil Rights, and 2nd Ward Ald. Brian Hopkins.
After months of debate, the controversial $1 billion public subsidy for Lincoln Yards is now law. City Council approved the measure hours after Mayor-elect Lori Lightfoot softened her opposition to the project.
The governor says Chicago could solve a lot of CPS’ financial problems by getting rid of TIF districts, but the mayor and other budget watchdogs say that doing away with them could actually cost public schools money.
Chicago Public Schools will stay open until June 22, the end of the regular school year, instead of closing early on June 1. “You will be in school until the end of the school year. We will be here working to find the resources,” said Mayor Rahm Emanuel.
Why the City Council on Wednesday voted unanimously to create a massive TIF district to fund the CTA.
A proposed change to city law that could divert tens of millions in tax incremental financing (TIF) dollars to the cash-strapped Chicago Public Schools will likely undergo some additional changes before it comes to City Council for approval.
Nearly two dozen speakers attended a pair of hearings Friday to voice their concerns about the district's proposed 2017 budget, questioning the morality and legality of funding cuts and staff layoffs within the cash-strapped district.
Just a day after Gov. Bruce Rauner and Republican leaders in the General Assembly proposed a state takeover of the financially distressed Chicago Public Schools, lawmakers propose altering the TIF legislation to allow a surplus to be spent on the district.
This month Mayor Rahm Emanuel says he plans to wind down seven Tax Increment Financing Districts located near downtown. Critics of the move say he’s hanging downtown out to dry, but others say this is a first step toward taxing transparency. We’ll hear from Crain’s Chicago Business columnist Greg Hinz and Tom Tresser of the TIF Illumination Project.
There may be a painless way to solve pensions without raising property taxes that is sitting right before the mayor's eyes. Paris Schutz breaks it down for us. Read a response from Mayor Emanuel's office.