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.
2-45-155 Tax Increment Financing (TIF) Sunshine Ordinance. The following TlF-related documents for each active TIF district shall be made publicly available on the City of Chicago, Department of Community Development website:
1. The ordinances establishing each TIF district, including all attachments, and any amendments thereto; 2. The ordinances authorizing each TIF redevelopment agreement, including any attachments, any amendments thereto and accompanying Economic Disclosure Statements; 3. Written staff reports presented to the Community Development Commission related to TIF-funded projects; 4. TIF overviews prepared by the Department of Community Development and annual reports prepared pursuant to 651LCS 5111-74.4-5(d); 5. City-issued Certificates of Completion and any required annual employment certifications prepared pursuant to TIF redevelopment agreements.
All such ordinances as described in (1) and (2) above shall be made available on the City of Chicago, Department of Community Development website within seven business days of their passage and publication in the Journal ofthe Proceedings of the City Council of the City of Chicago. All such documents as described in (3), (4) and (5) above shall be made available on the City of Chicago, Department of Community Development website within fourteen business days of their completion in final form.
Da Mare must be thrilled. I think he loves his TIFs more than he loves his Home Rule.
