- The TIF District area is blighted.. or
- The TIF District area is an Industrial/Manufacturing Corridor in need of revitalizing...or
- The TIF District area is an area that needs Conservation.
A study of the 41st ward for the need to establish TIF district(s) might be a good idea...would keep some of our tax dollars here in the ward for economic development.
Today, the TIF reform task force released their report. Here are some of the highlights:
In a press release, the Mayor's office stated the following six overarching recommendations made by the Task Force:
1. Establish the City’s TIF Goals. The Mayor’s Office should develop a multiyear Economic Development Plan that is then submitted to the City Council for consideration. The Economic Development Plan should guide all future TIF district designations and project allocations.For the Full Report - click on:
2. Allocate Resources. The City should create a multi-year Capital Budget that is then submitted to City Council for consideration. The Capital Budget should detail the funding of City infrastructure needs, including those articulated in the Economic Development Plan. All TIF infrastructure allocations and porting decisions should be made in accordance with the Capital Budget.
3. Monitor Performance. The City should establish metrics for its use of TIF. These metrics will be used to benchmark (1) TIF district and project performance in aggregate; (2) alignment with the Economic Development TIF Reform Panel Report Plan; (3) achievement of district-specific goals appropriate for district type (i.e., industrial, commercial, residential or mixed use); (4) programmatic characteristics (TIF-NIP, TIFWorks, SBIF, etc.) and (5) project-specific characteristics. The City should compile data for and report on these metrics on a regular basis.
4. Increase Accountability. The City should make the justification for public funding of private projects more explicit, monitor projects more systematically to ensure recipients of TIF funding meet their obligations and ensure there are consequences for not delivering expected returns on public investment.
5. Take Action. The City should set and manage to performance thresholds for districts and projects. Every five years TIF districts should be subject to strategic reviews which lead to continuation of the district, revision of the district strategy or more significant change.
6. Enhance Oversight and Administration. The Mayor should empower an internal body with clear accountability for all aspects of TIF, and ensure that the staff and organizational capacity exist to execute recommendations and provide effective oversight.
http://www.cityofchicago.org/content/dam/city/depts/mayor/Press%20Room/Press%20Releases/2011/August/8.29.11TIFReport.pdf
From the report -
ReplyDelete� Recommend ways the City can improve transparency, so taxpayers can easily access
and understand the processes, performance and outcomes of TIF..
I have to say, I have never understood TIFS and why they aren't in the city budget. The money just floats around somewhere?
There needs to be studies done in the ward for many reasons including establishing need for TIF district along NWH. Twenty years of neglect has left the ward underdeveloped in the proper ways that include the manufacturing coorridor
ReplyDeleteI saw the Mayor on the news last night at a town hall meeting in Englewood. Why not here? He needs to come to the NW side someday. Haven't ever seen him up here - to him we don't exist, we just pay the bills.
ReplyDelete7:12 AM .....He comes to the NW side. He was the subject of a few fundraisers up here. Keep donators and hosts employed/enriched by the system. Keep voting Big D and RINO suckers.
ReplyDeleteCouple things:
ReplyDelete1. There is a suspected $800,000 SURPLUS in the TIF fund that needs to be dumped into the CPS and CPD budgets, IMMEDIATELY, before a property tax increase.
2. After that, 41st ward has a few interesting prospects for TIF districts in the ward. Why not? Lets keep our tax dollars in our ward to stimulate local economy!!!
I agree, use the TIF surplus dollars to pay down CPS FIRST before imposing a property tax increase on already overburdened taxpayers
ReplyDeleteI think building a manufacturing trades/jobs track at TAFT would be a great idea, teaching students high tech manufacturing trade skills AND then invest in a manufacturing prototype factory/business along Northwest Highway railroad tracks for the students to use for interships/extermships/union entry level apprentice jobs
ReplyDeleteTIF dollars come from our own tax dollars (tax dollars created from increased property values). We need to reinvest into our own community. Right now the dollars from the 41st ward communities that are generated from property value increases are thrown into the general city budget to be used all over the city.
ReplyDeleteThe former alderman didn't want TIFS, so he told everyone they were for blighted areas only, which was a lie!
TIFS can be started to revitalized run down areas like our Northwest Highway Industrial corridor, like the blog moderator suggests.
The 41st ward has been behind the times, allowed to be run down for the past 20 years. I'm waiting to see what the new regime does.
This really doesn't have anything to do with TIF;s but if anyone is interested please attend the meeting of the Harlem foster property owners association at St. Monica's Beyenka Hall on Sept 15. The issue of the proposed hookah lounge at Harlem and Argyle will be addressed. Please who can attend please do so as we don't want this place in our ward
ReplyDelete