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TIFs in the 6th Ward
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TIFs in the 6th Ward

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Tom Tresser presented the research from the TIF Illumination Project's investigation of the 4 TIFs in the 6th Ward. This presentation was made at the Englewood TIF Town Meeting on March 9, 2013......

Tom Tresser presented the research from the TIF Illumination Project's investigation of the 4 TIFs in the 6th Ward. This presentation was made at the Englewood TIF Town Meeting on March 9, 2013 organized by Resident Matters.

If you would like your own copy of this presentation that shows all the data from this ward as well as examples from the TIF Hall of Shame, please visit The TIF Data Store @ http://tinyurl.com/TIF-Data-Store. The TIF Illumination Project is 100% volunteer driven but we have serious monthly expenses to operate the CivicLab, our home, plus we’d like to build an online platform to make this information easy to access. Thanks!

Contact = info@civiclab.us
www.civiclab.us

www.tifreports.com

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Transcript

  • 1. March 9, 2013 Tom Tresser
  • 2. 2 www.civiclab.us
  • 3. 3
  • 4. In the evening – open enrollment workshops on all things civic... 4 “TIF 101” “Vegan Cooking”
  • 5. Watch the 2 ½ minute promo @ http://tinyurl.com/TIF-101-promo-YT 5
  • 6. 6 What are TIFs?
  • 7. 7 What are TIFs? • Created by municipality (state statute) • Designed to subsidize some business project in “blighted” or under-served area • “But for” concept – The project WOULD NOT happen except for receiving public subsidy • Boundaries cross political and community boundaries • Captures “incremental” property taxes ABOVE base when district was created • Lasts 23 years
  • 8. 8 What are TIFs? Source: UIC TIF Information Forum
  • 9. 9
  • 10. 10 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).
  • 11. 11 Where are TIFs? • All over Chicago and Cook County = 443 TIFs in 2011 • 163 in city of Chicago • Additional 280 in suburban Cook County
  • 12. Where are TIFs? TIF 101 12
  • 13. 13 Where are TIFs? Source: Cook County Clerk
  • 14. 14 How Much Revenue Do TIFs Collect? Source: Cook County Clerk
  • 15. 15 How Much Revenue Do TIFs Collect? 2011 TOTAL TIF REVENUE FOR COOK COUNTY City of Chicago TIFs diverted $454 MILLION Suburban Cook County TIFs diverted $275 MILLION TOTAL FOR 2011 = $729 MILLION
  • 16. 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! TIF 101 16
  • 17. 17 How Much Revenue Do TIFs Collect?
  • 18. How Much Revenue Do TIFs Collect? Ouch! $4.5 BILLION DIVERTED SINCE 1986! TIF 101 18
  • 19. 19
  • 20. 20 Click here to open the 163 PDF annual reports. One by one.
  • 21. 21
  • 22. 22
  • 23. 23 THE CITY HAD $1.3 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2011!
  • 24. 24 Impact of TIFs?
  • 25. You can get this full presentation online at the TIF Data Store at http://tinyurl.com/TIF-Data-Store. The full presentation contains this data: - how many TIFs in the ward - estimation of TIF property tax extraction from TIFs in the ward for latest year - if a TIF is 100% or close to 100% in ward, lifetime property tax extraction - how much money left in those TIF accounts FROM the ward - what projects funded by TIFs in the ward - examples from the TIF Hall of Shame If this information is valuable to you, please sign up for our mailing list at http://tinyurl.com/SignUp-CivicLab. If you are in Chicago and need a place to work - consider co-working at the Lab! Please support the work of the CivicLab by making a deductible contribution via our fiscal agent, the Investigative News Network, at http://tinyurl.com/SupportTheLab-INN. 25 Find out more - info@civiclab.us.
  • 26. 26 www.civiclab.us www.tifreports.com