The Chicago Reader has a sensational story in it today, but, as usual in this town, the story with the real impact on the lives, services and taxes of Chicago's citizens is probably going to go virtually unnoticed right next to it.
The story titled "Transparency in Action - How a bill intended to expand the state Freedom of Information Act was bastardized to expand the mayor's shadow budget", by Ben Joravsky, talks about how the state legislature snuck in an extreme extension of some of the City of Chicago secret slush funds known as TIFs, from a generational 24 years to a nearly two generation long 36 years. And people that this blog would consider 'friends' helped.
Last year, Chicago Mayor Richard Daley, after bum-rushing the City Council to fill a supposed multi-hundred million dollar gap in the city budget, sold the city parking meters for, potentially, a billion dollars less than their worth. At the time he claimed that there was no other way for us to come up with that money. This year he is threatening lay-offs and/or furlough days for hundreds of city employees because he said there was no other way to close the city's fiscal gap.
At a meeting tonight sponsored by IVI-IPO (Independent Voters of Illinois-Independent Precinct Organization), Cook County Clerk David Orr, Alderman Scott Waguespack and Chicago Reader reporter Ben Joravsky will reveal over 500 million dollars of city tax money hidden away in slush funds around the city, money that could easily close those gaps.
Surprised that you haven't heard anything about this? The answer is you probably have, but haven't understood what Tax Increment Financing Districts (TIFs) are and how they are abused. By David Orr's account last year, there's over 550 million dollars of city tax money sitting in these accounts that are administered in the least transparent way that you can imagine. Tonight's meeting gives you the opportunity to find out about an abuse that costs you and me a fortune, and creates headaches like the parking meter deal, and then ask these three experts what can be done about it.
Date:
Thursday, July 16, 2009
Time:
7:00pm - 8:30pm
Location:
Logan Square Public Library
Street:
3030 W. Fullerton
City/Town:
Chicago, IL
If you are not able to make it, there are people who are expected to be posting from the event. Check IVI-IPO's facebook page for more info. Hope to see you there.
