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The TIFs of Logan square
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The TIFs of Logan square

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This presentation was given on July 18, 2013 at Haas Park by Tom Tresser from the TIF Illumination Project - http://www.tifreports.com, a work of the Civiclab - http://www.civiclab.us. Email us at ...

This presentation was given on July 18, 2013 at Haas Park by Tom Tresser from the TIF Illumination Project - http://www.tifreports.com, a work of the Civiclab - http://www.civiclab.us. Email us at tom@civiclab.us

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The TIFs of Logan square The TIFs of Logan square Presentation Transcript

  • July 18, 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 Where are TIFs? • All over Chicago and Cook County = 435 TIFs in 2012 • 154 in city of Chicago •Additional 281 in suburban Cook County {Was 163 -9 terminated in 2012}
  • TIF 101 9 Where are TIFs?
  • 10 Where are TIFs?
  • 11 How Much Revenue Do TIFs Collect?
  • 12 2012 TOTAL TIF REVENUE FOR COOK COUNTY City of Chicago TIFs diverted $457 MILLION Suburban Cook County where 83 municipalities have TIFs TIFs diverted $266 MILLION TOTAL FOR 2011 = $723 MILLION How Much Revenue Do TIFs Collect?
  • TIF 101 13 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.
  • 15 The civics books say our property taxes are distributed like this… But in 2011 our property taxes in Chicago were REALLY distributed like this…
  • 16 How Much Revenue Have TIFs Collected? Ouch!
  • 17 How Much Revenue Have TIFs Collected?
  • 18 What are TIFs?
  • 19
  • 20 This spreadsheet has 4,588 rows!
  • 21
  • TIF 101 22
  • 23 Click here to open the 163 PDF annual reports. One by one.
  • 24
  • 25
  • 26 THE CITY HAD $1.7 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2011!
  • 27 Is YOUR community a TIF winner or loser?
  • 28 THE WARDS OF LOGAN SQAURE
  • 29
  • 30
  • 31 THE 24 TIFs OF THE LOGAN SQUARE AREA
  • 32
  • 33 LIFE TIME EXTRACTION FROM TIFs THAT ARE ALL OR MOSTLY IN AREA WARDS
  • 34
  • 35 2011 Property Tax Collections
  • 36
  • 37 The way it’s supposed to work
  • 38
  • 39 The way it really works in the Logan Sqaure area
  • 40 The civics books say our property taxes are distributed like this… But in 2011 our property taxes in Chicago were REALLY distributed like this…
  • 41
  • 42
  • 43
  • 44 Logan Square Area TIF Summary For 2011 • 7.4 % of all property taxes from 6 wards taken by 24 TIFs • $36.5 million extracted • $112.4 million extracted by 9 “majority” TIFs since “birth” • 53% of all TIF $ back into area = private • $58 million in “majority” 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 DROP OFF DAY! SATURDAY, JULY 20 10am – 7pm BRING YOUR STUFF!