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TIFs in the 49th Ward
 

TIFs in the 49th Ward

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Over 100 people attended the TIF Illumination for the 49th Ward on July 1, 2013. Tom Tresser of the TIF Illumination Project is speaking. The audio is 55 minutes long. http://www.tifreports.com - ...

Over 100 people attended the TIF Illumination for the 49th Ward on July 1, 2013. Tom Tresser of the TIF Illumination Project is speaking. The audio is 55 minutes long. http://www.tifreports.com - tom@civiclab.us

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    TIFs in the 49th Ward TIFs in the 49th Ward Presentation Transcript

    • July 1, 2013 Tom Tresser
    • 2 What are TIFs?
    • 3 What are TIFs? • Created by municipality (state statute) • Boundaries cross political and community boundaries • Designed to subsidize some business project in “blighted” or under-served area • Captures “incremental” property taxes ABOVE base when district was created • Lasts 23 years
    • 4 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
    • 5Better Government Association
    • 6
    • 7 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).
    • 8
    • 9 Where are TIFs? • All over Chicago and Cook County = 443 TIFs in 2011 • 163 in city of Chicago •Additional 280 in suburban Cook County {9 terminated in 2013}
    • TIF 101 10 Where are TIFs?
    • 11 Where are TIFs? Source: Cook County Clerk
    • 12 How Much Revenue Do TIFs Collect? Source: Cook County Clerk
    • 13 2011 TOTAL TIF REVENUE FOR COOK COUNTY City of Chicago TIFs diverted $454 MILLION Suburban Cook County where 83 municipalities have TIFs TIFs diverted $275 MILLION TOTAL FOR 2011 = $729 MILLION How Much Revenue Do TIFs Collect?
    • TIF 101 14 How Much Revenue Do TIFs Collect? TIFs extracted $454 million in 2011. That # is 53% of the TOTAL amount of property taxes that went to the city for its operations!
    • • We are told that TIFs have NO impact on our property taxes. • This bill is from a property inside the Englewood TIF. • It shows “0.00” impact on this person’s bill. Nothing.
    • 16 The civics books say our property taxes are distributed like this… But in 2011 our property taxes in Chicago were REALLY distributed like this…
    • TIF 101 17 How Much Revenue Do TIFs Collect? Ouch! $4.5 BILLION DIVERTED 1986 -- 2011
    • 18 How Much Revenue Do TIFs Collect?
    • 19 What are TIFs?
    • 20
    • 21 This spreadsheet has 4,588 rows!
    • 22
    • TIF 101 23
    • 24 Click here to open the 163 PDF annual reports. One by one.
    • 25
    • 26
    • 27 THE CITY HAD $1.7 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2011!
    • 28 Is YOUR ward a TIF winner or loser?
    • 29
    • 30
    • 31
    • 32 The Six TIFs of the 49th Ward
    • 33
    • 34
    • 35 Devon/Sheridan TIF Created: 2004 Expiration: 2027 Total Extraction to 2011 $4.2 million 49th = 57% 40th = 42% 48th = 1% Major projects Loyola University = $20.4 million 6610 N. Sheridan = $2.8 million
    • 36 Devon/Sheridan TIF Loyola University = $20.4 million
    • 37 Devon/Sheridan TIF 6610 N. Sheridan = $2.8 million “IBF Property Management, LLC IBF Property Management, LLC (IBF) is a Chicago based real estate investment firm specializing in multi-family, commercial, and manufactured housing assets. The Principals are seasoned professionals with over 75 years of related experience. IBF offers a broad range of experience encompassing acquisitions, management, finance, and dispositions. Included in the above is over 50 years of experience in Sam Zell / Bob Lurie related companies. IBF currently controls over $100,000,000 in assets, including over 1,800 apartments, 380 MHP sites, and 4 office buildings. The majority of IBF’s assets are in Chicago where IBF has developed a tremendous amount of knowledge and working relationships with various aldermen, city permitting individuals, and building inspectors covering all areas of the city. IBF is well respected for taking assets off the city’s troubled property list and making them into viable affordable housing.”
    • 38 Devon/Sheridan TIF 6610 N. Sheridan = $2.8 million
    • 39
    • 40 The way it’s supposed to work
    • 41
    • 42 The way it really works in the 49th Ward
    • 43
    • 44 49th Ward TIF Summary For 2011 • 8% of the ward is in a TIF • 6 TIFs extracted $1.7 million • $21.7 million extracted by 1 TIF since “birth” • TIFs took 3.7% of all property taxes • 28.6% of all TIF $ back into ward = private • $5.9 million in your TIF accounts on 1/1/12
    • 45 TIFS Are Everywhere In Illinois In Illinois, 455 municipalities have 1,220 TIF Districts. In 2010 TIFs extracted $1.15 BILLION in property taxes! In 2010, across the state, 414 TIF districts were in “non-compliance” for not filing any or proper financial statements, according to The Office of the State Comptroller. That’s 44% of all Illinois TIFs! ?
    • 47
    • 48 RECENT TIF CONTROVERSY
    • 49 $11 million in TIF funds approved for the Pullman Park development in the 9th Ward.
    • TIF FUNDS IN THE 46th WARD Lincoln Park
    • TIF FUNDS IN THE 2nd WARD Plus $70 million from the Pier Authority – the people that added the extra 1% to the sales tax!
    • DO YOU WANT SOME MUSTARD WITH THAT TIF?
    • 53 28 CPS schools got $858 million in TIF $
    • 54 And yet…We will be asked to MORE for LESS public education services!
    • 55
    • 56
    • 57 The taxpayers of the state of Illinois gave these companies… $517,000,000 $249,000,000 $118,000,000 $101,000,000 $90,000,000 $85,000,000
    • The 27th Ward TIFs 58
    • The 27th Ward TIFs 59 Neighbors In 12 Wards Organizing TIF Town Meetings!
    • 60
    • 61 SINCE FEB 2011 – 12 WARDS, 89 TIFs ILLUMINATED. 1,200 ATTENDEES! NO BUDGET. ALL VOLUNTEER EFFORT. WHEW!
    • WE HAVE A HOME! 62IT’S EASY TO HELP US – JUST GO TO… http://tinyurl.com/Support-CL 114 N. Aberdeen, 1st floor ½ block east Randolph Street