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TIFs of the 27th Ward
 

TIFs of the 27th Ward

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This presentation was given to MoveOn Chicago members on August 21, 2013 by Tom Tresser of the TIF Illumination Project. http://www.tifreports.com - tom@civiclab.us. The audio is 1 hour. Join MoveOn ...

This presentation was given to MoveOn Chicago members on August 21, 2013 by Tom Tresser of the TIF Illumination Project. http://www.tifreports.com - tom@civiclab.us. The audio is 1 hour. Join MoveOn Chicago @ http://www.moveon.org/organize/members/index.html?team_id=3362. If you would like a copy, please email tom@civiclab.us.

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    TIFs of the 27th Ward TIFs of the 27th Ward Presentation Transcript

    • August 21, 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 How Much Revenue Have TIFs Collected? Ouch! Source: Cook County Clerk
    • 13 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 2012 = $723 MILLION How Much Revenue Do TIFs Collect?
    • 14 How Much Revenue Have TIFs Collected Since TIFs Introduced Here?
    • TIF 101 15 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.
    • 17 The civics books say our property taxes are distributed like this… But in 2011 our property taxes in Chicago were REALLY distributed like this…
    • 18
    • 19 Click here to open the 163 2011 PDF Annual Reports. One by one. Repeated for 154 2012 Annual Reports.
    • 20
    • 21
    • 22 THE CITY HAD $1.7 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2011 and 2012!
    • 23 Is YOUR ward a TIF winner or loser?
    • 24 LET’S LOOK AT HOW TIFs WORK ON A WARD-BY-WARD BASIS. CODERS, RESEARCHERS, DESIGNERS, INVESTIGATORS, ORGANIZERS. ALL VOLUNTEERS RIGHT NOW.
    • 25 First ward selected for investigation = 27th Ward Near North Side – 12 TIFs
    • 26
    • 27 This Not this
    • TIF 101 28
    • 29
    • 30
    • 31
    • 32
    • 33
    • 34 The way it’s supposed to work
    • TIF 101 35
    • 36 The way it really works in the 27th Ward
    • 37
    • TIF 101 38
    • 39 TO SUM UP: • Impossible to find out how TIFs impact your ward – have to work REALLY hard to get the complete picture • 12 TIFs in the 27th ward = 77% of the ward’s land mass • They extracted $36.8 million in property taxes in 2011 • That was 33% of ALL property taxes collected inside the ward • 12 TIFs extracted $255.2 million over past 9 years (thru 2011)
    • 40 TO SUM UP: • $62 million from 27th ward was sitting in TIF accounts on 1/1/12 • Of TIF $ coming back INTO ward same 9 years, only 42% went to public projects • 58% went to private commercial and nonprofit projects • We lack details on most of the TIF funded projects
    • 42
    • 43 RECENT TIF CONTROVERSY
    • 44 $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?
    • 48 28 CPS schools got $858 million in TIF $
    • 49 In-Ward & Nearby CPS School Closings & Budget Cuts
    • 50
    • 51 And yet…We will be asked to MORE for LESS public education services!
    • 52
    • 53 http://tinyurl.com/Empty-All-TIFs