Tax Increment Financing (TIF) Program is intended to take property
taxes today for investments that will produce more property taxes
in the future, the Chicago Reader's Ben Joravsky said at a TIF forum Tuesday night.
have no problem with the TIF program in the essence, but we don’t live
in the essence. We live in Chicago, Illinois," said Joravsky, a panelist
at the packed TIF Illumination Project's town hall meeting for the 50th
Joravsky said the city's TIF program has become "deranged"
and blasted Mayor Rahm Emanuel's recent plan to kick in $55 million in
TIF funds for a new DePaul University basketball arena near McCormick
The $55 million would be used to buy the current property now paying property taxes and essentially turn it into a tax-exempt
"It’s a complete reversal of what the whole TIF program is about,” Joravsky said at the forum, held at Devon Bank Tuesday night. Read more »