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Tax Increment Financing


PI Original
by Matthew Blake
Wed Jul 18, 2012

TIF Piggybank Running Low

Chicago’s rapid expansion of the controversial Tax Increment Finance, or TIF, program during the housing bubble has arguably started to back fire.

Quick Hit
by Brandon Campbell
Wed Jun 27, 2012

Chicagoans Decry Use Of TIF Dollars For West Loop Office Park (VIDEO)

Mayor Rahm Emanuel’s recent decision to chip in about $30 million for a subway tunnel and a 1.5-acre public park to be built alongside a new West Loop office building has got some Chicago residents upset.

On Tuesday morning about 70 community activists marched to the Mayor’s Office from the proposed site of the 45-story, $300 million River Point development near Lake and Canal Streets. The group said they want the city’s money used for parks in the city’s poorest neighborhoods, not in Chicago’s thriving downtown area.

Quick Hit
by Matthew Blake
Wed Jun 27, 2012

Community Members Discuss Future Of Fisk Coal Plant Site With Midwest Generation

Audience members offered a range of ideas at a city hearing last night about what to do with the site currently occupied by the 108 year-old Fisk coal-fired power plant in the Pilsen neighborhood, which closes this September. Some of the ideas included a park, funeral home, public market, trade school, and even a high school sports complex.

But all these visions will be stymied if the Midwest Generation company cannot find a buyer willing to not just build something new but also clean up, or remediate, the site.

“There is a huge marketing job ahead of us,” acknowledged Jean Pogge, CEO of the Delta Institute, the Chicago non-profit in charge of a task force Mayor Rahm Emanuel created to determine the site’s future.

PI Original
by Matthew Blake
Mon Jun 4, 2012

TIF Reform Tabled

The jury is out on whether Chicago Mayor Rahm Emanuel is serious about reforming the Tax Increment Finance, or TIF, economic development program.

Quick Hit
by Ellyn Fortino
Tue Feb 21, 2012

Report Finds Shortage Of Housing For Illinois' Lowest Paid Workers

There simply aren't enough rental homes available to extremely low-income households in Illinois, according to a new report, and housing advocates say that needs to change in order to prevent increased homelessness in the state.

Twenty-eight rental homes are both affordable and available for every 100 renter households that are considered extremely low-income, the report (PDF) from the National Low Income Housing Coalition and Housing Action Illinois found.

PI Original
by Progress Illinois
Mon Dec 5, 2011

TIF Abuse Buoys Downtown Fat Cats, As Neighborhoods Suffer (VIDEO)

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.

Quick Hit
by Aaron Krager
Thu Oct 13, 2011

Chicagoans Rally Against TIF 'Slush Fund', Bad Deals (VIDEO)

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.

Quick Hit
Fri Jun 10, 2011

Number Of The Week: 17,467

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 2010.

The banks involved in the majority of the foreclosure filings are Bank of America, Wells Fargo, Chase, Deutsche Bank, US Bank, and CitiMortgage.