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November 3, 2015Tom Tresser
The 7 TIFsOf the 21st Ward
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2nd Ward
6thWard
20thWard33rd Ward
This is our 44th
meeting/forum
since Feb 2013!
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Key Policy Questions
1. Under what circumstances do we give public $ to private business?
2. Who plans what for whom? AKA, What defines “community development”?
3. Are we broke?
4. Who’s watching our back? Need for new leaders.
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What are TIFs?
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What are TIFs?
• Created by municipality (state law)• Designed to subsidize some business
project in “blighted” or under-served area
• Captures “incremental” property taxes ABOVE base when district was created
• Only for hard costs• Lasts 23 years• Supposed to be spent where
collectedProperty taxes!
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How Do TIFs Work?When the TIF is created, the city tallies up all the
property taxes generated by district in that year
(called the "base" amount). After that, all property tax increases above the base (the
"increment") are channeled to the TIF
district.
The property taxes collected from
properties inside the district BEFORE the district was created that go to units of government stays
FLAT for the life of the TIF (23 years).
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Money From TIFs Taken From?
The “Base”
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What are TIFs?
Under state law, areas proposed for TIF designation must possess numerous blighting factors to be eligible:
• Age• Obsolescence• Code violations• Excessive vacancies• Overcrowding of facilities
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TIFs Used to support commercial projects in these “Blighted” Areas
40 S. Halsted
Apple Store
$842 million
in Loop $7 million
$8.5 million
10Better Government Association
?
?
?
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Budget Approved
45-15
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Where are TIFs?
2014Chicago = 147 Suburbs = 286
Cook County = 433
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TIFs HAVE RUN AMOK!147 active Tifs
in 2014!$426 million in 2013!
$7 Billion since 1986!!
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THE CITY HAD
$1.44 BILLION IN UNSPENT TIF FUNDS
AT THE END OF 2014!
$16 BILLION TO DATE!
To sum up:
TIFs = property taxes Increment $ collected by TIF Run by city (mayor) Lasts 23 years Blight & “But for” conditions Hard costs Supposed to be spent where
collected
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What are TIFs?
The Local Picture
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What are TIFs?
The Local Picture
If you want the FULL deck of this presentation including the details of the TIFs in 21st ward and projects funded by TIFs then please click over to the TIF Data Store at http://www.tifreports.com/store and purchase this file for $5.00. The TIF Illumination Project has been turned down ten times by funders. It’s up to you to keep us alive.
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Take Home
DVD with 2 TIF training videos + 2 bonus tracks
$10 cash or $13 credit card
Nifty TIF Illumination poster
