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The TIFs of the 50th Ward
 

The TIFs of the 50th Ward

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The TIF Illumination Project - http://www.tifreports.com - visited the 50th Ward on June 11, 2013. If you find this information valuable, please INVEST in this project at ...

The TIF Illumination Project - http://www.tifreports.com - visited the 50th Ward on June 11, 2013. If you find this information valuable, please INVEST in this project at https://www.wepay.com/donations/tif-illumination-project.

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  • Well done, keep up the Illuminations Tom, the distaste and abuse of TIF is spreading among 'the people'
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    The TIFs of the 50th Ward The TIFs of the 50th Ward Presentation Transcript

    • June 11, 2013Tom TresserWest Rogers Park Community OrganizationWest Rogers Park 99% GroupIVI-IPO Far North Chapter
    • 2What are TIFs?
    • 3What are TIFs?• Created by municipality (statestatute)• Boundaries cross political andcommunity boundaries• Designed to subsidize somebusiness project in “blighted” orunder-served area• Captures “incremental” propertytaxes ABOVE base when districtwas created• Lasts 23 years
    • 4What are TIFs?Under state law, areas proposed for TIF designationmust possess numerous blighting factors to beeligible:• Age• Obsolescence• Code violations• Excessive vacancies• Overcrowding of facilities
    • 5Better Government Association
    • 6
    • 7How Do TIFs Work?When the TIF is created,the city tallies up all theproperty taxesgenerated by district inthat year (called the"base" amount). Afterthat, all property taxincreases above thebase (the "increment")are channeled to the TIFdistrict.The property taxescollected fromproperties inside thedistrict BEFORE thedistrict was createdthat go to units ofgovernment staysFLAT for the life of theTIF (23 years).
    • 8Where are TIFs?• All over Chicago and CookCounty = 443 TIFs in 2011• 163 in city of Chicago• Additional 280 in suburbanCook County
    • TIF 101 9Where are TIFs?
    • 10Where are TIFs?Source: Cook County Clerk
    • 11How Much Revenue Do TIFs Collect?Source: Cook County Clerk
    • 122011 TOTAL TIF REVENUE FOR COOK COUNTYCity of ChicagoTIFs diverted $454 MILLIONSuburban Cook County where83 municipalities have TIFsTIFs diverted $275 MILLIONTOTAL FOR 2011 = $729 MILLIONHow Much Revenue Do TIFs Collect?
    • TIF 101 13How Much Revenue Do TIFs Collect?TIFs extracted $454 million in 2011.That # is 53% of the TOTAL amountof property taxes that went to the cityfor 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.
    • 15The civics bookssay our propertytaxes are distributedlike this…But in 2011 ourproperty taxes inChicago wereREALLY distributedlike this…
    • TIF 101 16How Much Revenue Do TIFs Collect?Ouch!$4.5 BILLIONDIVERTED1986 -- 2011
    • 17How Much Revenue Do TIFs Collect?
    • 18What are TIFs?
    • 19
    • 20This spreadsheet has 4,588 rows!
    • 21
    • TIF 101 22
    • 23Click here to openthe 163 PDFannual reports.One by one.
    • 24
    • 25
    • 26THE CITY HAD$1.7 BILLION INUNSPENT TIFFUNDS AT THE ENDOF 2011!
    • 27Is YOURward a TIFwinner orloser?
    • TIF 101 28
    • 29
    • 30
    • 31The Five TIFs of the 50th Ward
    • 32
    • 33
    • 34
    • 35The way it’s supposed to work
    • 36
    • 37The way it really worksin the 50th Ward
    • 38
    • 3950th Ward TIF Summary For 2011• 23% of the ward is in a TIF• 5 TIFs extracted $3.7 million• $4.9 million extracted by 2 TIFs since “birth”• TIFs took 5.5% of all property taxes• 48.7% of all TIF $ back into ward = private• $15 million in TIF accounts on 1/1/12
    • 40TIFS Are Everywhere In IllinoisIn Illinois, 455 municipalities have1,220 TIF Districts.In 2010 TIFs extracted $1.15BILLION in property taxes!In 2010, across the state, 414 TIFdistricts were in “non-compliance” fornot filing any or proper financialstatements, according to The Officeof the State Comptroller. That’s 44%of all Illinois TIFs!?
    • 42
    • 43RECENT TIF CONTROVERSY
    • 44$11 million in TIF funds approved for the PullmanPark development in the 9th Ward.
    • TIF FUNDS IN THE 46th WARDLincolnPark
    • TIF FUNDS IN THE 2nd WARDPlus $70 millionfrom the PierAuthority – thepeople that addedthe extra 1% tothe sales tax!
    • 4728 CPSschools got$858 millionin TIF $
    • The 27th Ward TIFs 48
    • The 27th Ward TIFs 49Neighbors In 12 Wards Organizing TIF Town Meetings!
    • 50
    • 51• Rogers Park (49th Ward) – Monday, June 17, 7pm
    • ACTION STEPS!WE NEED YOUR HELP!52IT’S EASY TO HELP US –JUST GO TO…http://tinyurl.com/Support-CLtom@civiclab.us – 312-804-3230