Will Mayor Extend Central Loop TIF?
.
$1 bil. building plan calls for 24 new schools
......using $400 million in school bond funds and $600 million generated by existing tax-increment financing (TIF) districts.
Now that local aldermen have signed off on the use of TIF funds, new schools will be built in the Chicago neighborhoods of South Chicago, Washington Heights, Chicago Lawn, Lawndale, McKinley Park, Back of the Yards, South Shore, Roseland, Englewood and Garfield.
In April 2000, Daley agreed to borrow $170 million against the windfall of cash expected when the Central Loop TIF expires at the end of this year. TIFs freeze property taxes within the boundaries of a defined district for 23 years, but there is a bonanza of new revenue when the freeze is lifted.
City Hall has not yet decided whether to extend the life of all or parts of the Central Loop TIF, .or allow the district to expire. More from Sun Times.....
.
$1 bil. building plan calls for 24 new schools
......using $400 million in school bond funds and $600 million generated by existing tax-increment financing (TIF) districts.
Now that local aldermen have signed off on the use of TIF funds, new schools will be built in the Chicago neighborhoods of South Chicago, Washington Heights, Chicago Lawn, Lawndale, McKinley Park, Back of the Yards, South Shore, Roseland, Englewood and Garfield.
In April 2000, Daley agreed to borrow $170 million against the windfall of cash expected when the Central Loop TIF expires at the end of this year. TIFs freeze property taxes within the boundaries of a defined district for 23 years, but there is a bonanza of new revenue when the freeze is lifted.
City Hall has not yet decided whether to extend the life of all or parts of the Central Loop TIF, .or allow the district to expire. More from Sun Times.....
.
posted by gf at 5:27 AM
2 Comments:
> TIFs freeze property taxes within the boundaries of a defined district for 23 years...
Ouch! This is unfortunate. I hope Ms. Spielman knows better.
More accurate would be:
"TIFs freeze the property taxes TO ALL TAXING BODIES EXCEPT THE CITY within the boundaries of a defined district for 23 years ... Property taxes within the district rise just like everywhere else, due to higher assessments or increased levies, but all such increase go only to the City."
hugh-
i thought you would catch that.
i have a question i hope you can help me with. how and why did "23 years" become the life expectancy of a TIF?
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