As a candidate, Lori Lightfoot pledged to overhaul the tax increment financing system. On Wednesday, her administration unveiled how it's beginning to make good on that promise.
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.
The city of Chicago could be in line for a giant windfall of tax revenue, just in time to face down a $700 million budget gap.
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.
An obscure city commission voted Tuesday to approve a $900 million tax increment financing district that will help fund infrastructure upgrades for the proposed $6 billion Lincoln Yards development.
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.
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.
Cook County Clerk David Orr has unveiled an online TIF mapping tool. He stops by Chicago Tonight to explain how the interactive tool works and more.
City finance wonks, and anyone else interested in Tax Increment Financing (TIFs), have a new site to search for projects across Chicago. Read an article.