Grassroots Collaborative offers a look at the "gross misuse" of tax increment financing funds in Chicago's downtown area, explaining how it comes at the expense of some already-struggling neighborhoods.
Take Back Chicago activists focused their efforts on the plight of Chicago schools yesterday targeting toxic financial deals and corporate welfare through tax increment financing districts (TIFs).
In the afternoon, more than 100 people set their sights on the Bank of America headquarters, a popular spot for protests this week, by marching through its lobby. Community groups, along with members of the Chicago Teachers Union, want the bank to renegotiate financial deals with Chicago Public Schools that they claim are costing the eductaion system $36 million every year.
That is the number of rental units in foreclosed properties in Chicago.
In a report (PDF) issued Thursday by the Lawyers’ Committee for Better Housing, the 17,467 rental
units came from 5,904 apartment buildings within Chicago -- which amounts
to tens of thousands of Chicagoans who were left homeless in
The banks involved in the majority of the foreclosure filings are
Bank of America, Wells Fargo, Chase, Deutsche Bank, US Bank, and
Parents, teachers, and advocates marched through the streets of Chicago's poshest neighborhoods Saturday, pleading with the Daley administration to free up some of his beloved TIF funds for the city's schools.
Jackson Potter, a Little Village
High School of Social Justice teacher and member of the Chicago Teachers Union, and another woman identified as
Amber Smock from ADAPT were both arrested after leading 150
to 200 people -- about half of them teachers -- to march and rush in to
Lincoln Park's Grossinger City Cadillac dealership as part of a rally
for tax increment financing (TIF) reform. The two were arrested for misdemeanor criminal
trespassing and were taken to the Near North police district.
When Daley administration officials promote their decision to grant tax increment financing (TIF) dollars to large, profitable companies based in the city's Loop, there's usually a line about the jobs that the TIF grant will help "retain" downtown.
In recent weeks, we've been tracking how outgoing Chicago Mayor Richard Daley's now-ratified decision to declare $180 million of the city's tax increment financing dollars as surplus is affecting other local