Facing hyde park september 27 2017

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Week of September 27, 2017 Vol 28 • No 44 •

www.thechicagocitizen.com Governmental Affairs

Weekly

KWAME RAOUL ANNOUNCES BID FOR ILLINOIS ATTORNEY GENERAL

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Hyde Park

TIF Analysis Finds almost $2 Billion in City Accounts By Christopher Shuttlesworth Several civic organizations are now questioning Chicago’s Tax Increment Financing (TIF) program after a recent analysis revealed that the city has over $1.4 billion in its 148 TIF accounts. Tom Presser, who is the creator of the TIF Illumination Project, reviewed Chicago’s 2016 annual TIF report and was astonished by the amount of money the city currently has. TIF Illumination Project is a volunteer program that was created in 2013 to explain to Chicago citizens how TIFs hurt their respective communities. Presser explained that TIF was designed to mainly extract money from property taxes, which specifically affects the African American community. During the TIF Illumination Project analysis, volunteers found that Chicago’s TIF program collected a staggering $6.6 billion in 2016. Reportedly, $493 million of property taxes were extracted by Chicago’s TIF districts and diverted from local

TIF Illumination Project reviewed Chicago’s 2016 annual Tax Increment Financing (TIF) report and found $1.4 billion in the city’s TIF accounts Photo Credit: TIF Illumination Project

FASHION

DIAMONDS ARE FOREVER AT THE 69TH ANNUAL EMMY AWARDS P6

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ENTERTAINMENT

STOMP RETURNS IN NOVEMBER, TICKETS ON SALE NOW P8

www.thechicagocitizen.com • 52 years of serving the Black community


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