Successfully reported this slideshow.
Your SlideShare is downloading. ×

TIFs In The 27th Ward

TIFs In The 27th Ward

The short link for this page = http://tinyurl.com/27thWardForumPresentation.

Tom Tresser presented the research from the TIF Illumination Project's investigation of the 12 TIFs in the 27th Ward. This presentation was made at the February 12, 2013 TIF Town Meeting organized by the Tax Integrity and Fairness Alliance at the Chopin Theatre. http://tifalliance.weebly.com.

We upload all the TIF presentations to http://www.slideshare.net/tomtee. These presentations have been viewed over 44,000 times! The champ is the presentation on the 27th ward which has been viewed 4,292 times. So - if you are one of the people whose viewed these presentations and found them valuable - PLEASE support our work by (1) signing our email list at http://tinyurl.com/SignUp-CivicLab, (2) consider renting a desk with us (we're in Chicago's West Loop), and (3) making a deducible contribution via our fiscal agent, the Investigative News Network - http://tinyurl.com/SupportTheLab-INN. We are online at http://www.tifreports.com. Contact me - tom@civiclab.us.



The short link for this page = http://tinyurl.com/27thWardForumPresentation.

Tom Tresser presented the research from the TIF Illumination Project's investigation of the 12 TIFs in the 27th Ward. This presentation was made at the February 12, 2013 TIF Town Meeting organized by the Tax Integrity and Fairness Alliance at the Chopin Theatre. http://tifalliance.weebly.com.

We upload all the TIF presentations to http://www.slideshare.net/tomtee. These presentations have been viewed over 44,000 times! The champ is the presentation on the 27th ward which has been viewed 4,292 times. So - if you are one of the people whose viewed these presentations and found them valuable - PLEASE support our work by (1) signing our email list at http://tinyurl.com/SignUp-CivicLab, (2) consider renting a desk with us (we're in Chicago's West Loop), and (3) making a deducible contribution via our fiscal agent, the Investigative News Network - http://tinyurl.com/SupportTheLab-INN. We are online at http://www.tifreports.com. Contact me - tom@civiclab.us.



Advertisement
Advertisement

More Related Content

Advertisement
Advertisement

Related Books

Free with a 30 day trial from Scribd

See all

TIFs In The 27th Ward

  1. 1. February 12, 2013 Tom Tresser
  2. 2. What are TIFs? 2
  3. 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 3
  4. 4. 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). 4
  5. 5. Where are TIFs? • All over Chicago and Cook County = 443 TIFs in 2011 • 163 in city of Chicago • Additional 280 in suburban Cook County 5
  6. 6. Where are TIFs? TIF 101 6
  7. 7. Where are TIFs? Source: Cook County Clerk TIF 101 7
  8. 8. How Much Revenue Do TIFs Collect? Source: Cook County Clerk TIF 101 8
  9. 9. 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 TIF 101 9
  10. 10. 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 10
  11. 11. How Much Revenue Do TIFs Collect? Ouch! $4.5 BILLION DIVERTED SINCE 1986! TIF 101 11
  12. 12. What are TIFs? 12
  13. 13. 13
  14. 14. This spreadsheet has 4,588 rows! 14
  15. 15. 15
  16. 16. TIF 101 16
  17. 17. Click here to open the 163 PDF annual reports. One by one. 17
  18. 18. 18
  19. 19. 19
  20. 20. THE CITY HAD $1.3 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2011! 20
  21. 21. Is YOUR ward a TIF winner or loser? 21
  22. 22. LET’S LOOK AT HOW TIFs WORK ON A WARD-BY-WARD BASIS. CODERS, RESEARCHERS, DESIGNERS, INVESTIGATORS, ORGANIZERS. ALL VOLUNTEERS RIGHT NOW. 22
  23. 23. First ward selected for investigation = 27th Ward, Near North Side – 12 TIFs 23
  24. 24. Need to know: - Names of TIFs, annual report of revenue - Property Index Number (PIN) data for the ward and for the 12 TIFs - How much property taxes collected by each TIF - Distribution formula for all PINs – where to send the property taxes collected? - Shape files for the ward - Shape files for the 12 TIFs - Projects funded by TIFs, regardless of the sponsoring agency 24
  25. 25. 25
  26. 26. Not this This 26
  27. 27. 27
  28. 28. TIF 101 28
  29. 29. TIF 101 29
  30. 30. 30
  31. 31. The way it’s supposed to work 31
  32. 32. TIF 101 32
  33. 33. The way it really works in the 27th Ward 33
  34. 34. 34
  35. 35. 35
  36. 36. 36
  37. 37. TIF 101 37
  38. 38. TIF 101 38
  39. 39. 39
  40. 40. 40
  41. 41. 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) 41
  42. 42. 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. 43. The Problem Is State-Wide 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! 43
  44. 44. Calling All TIF Illuminators! 44
  45. 45. The TIF Report Team Stories on this project: • Chicago Reader – 12/13/12 • Sunlight Foundation - 1/4/13 • Gaper’s Block – 1/10/13 • Outside The Loop Radio – 1/31/13 • Dick Kay’s Radio Show – 2/9/13 45
  46. 46. Tom Tresser – 312-804-3230 tom@civiclab.us • TIF Project HQ = http://tifreports.com • Get TIF news via Twitter @TIFreport • Follow CivicLab @civiclabchicago 46

×