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Tax Increment Financing

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Quick Hit
by Brandon Campbell
12:12pm
Fri Sep 14, 2012

Day 4 Of CTU Strike Targets Pritzker, Use Of TIF Funds

A thread of optimism ran through Thursday, the fourth day of the Chicago teachers’ strike, as both the union and the school board hinted that a deal could be reached by Friday, with a possibility of children heading back to school as early as Monday.

That optimism also extended to yet another downtown rally that brought an estimated 3,000 picketing teachers and supporters outside the Hyatt Regency Hotel at 151 E. Wacker late Thursday afternoon.

Later, the group, lead by a marching band from Morgan Park High School, rallied at a park near Congress Parkway and Michigan Avenue.

There, speakers railed against Chicago School Board member Penny Pritzker, who they say received $5.2 million in TIF – tax increment financing – dollars for a Hyde Park Hotel. The Pritzker family owns the Hyatt Hotel chain. Recently, a group of Chicago teachers called for Penny Pritzker to step down from the school board.

Quick Hit
by Ashlee Rezin
11:40am
Wed Aug 8, 2012

Chicagoans Rally Against $29.5 Million River Point TIF Subsidy (VIDEO)

Chanting “TIf money’s our money,” and carrying signs that read “Corporate Welfare is breaking Chicago’s back,” more than 100 protesters marched through downtown Chicago yesterday to protest the allocation of $29.5 million in tax increment financing (TIF) for a corporate tower in the West Loop.

“This money is cut right off the top of our property taxes, and we need to reinvest it in areas other than the Loop,” said Rita Pope, a resident of Evanston who was born in North Lawndale. Pope volunteers for the Organization of the North East and helped pass out flyers during Tuesday’s protest.

PI Original
by Matthew Blake
5:51pm
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
1:48pm
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
9:36am
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
5:21pm
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
11:51am
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
9:33am
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
12:29pm
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.

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