Thank you to all who participated in the push to refund the surplus Tax Incremental Finance (TIF) to the original taxing bodies. Our efforts continue to pay off.
In his final budget address on Wednesday, Mayor Daley for the first time proposed declaring a surplus in the TIF district funds, which would result in over $90 million to CPS.
“By declaring $180 million in once-sacred tax increment finance district funds as surplus, $38 million would be pumped into city coffers. The balance would go to Chicago Public Schools and other local governments.” – Chicago Tribune
While this is a monumental move by the Mayor, the City Council still needs to vote to approve his proposed budget. This means that the people of Chicago must continue to put pressure on local Alderman and the Mayor by going to www.noto37.org and make your voice heard.
The Raise Your Hand Coalition has worked hard to illuminate the TIF issue. This has historically been an off-limits topic with Mayor Daley. When RYH first broached the TIF topic with political insiders, CPS officials and others, many believed that although it was a bold endeavor, they doubted our ability to have any impact. Well, we proved them wrong!
Below is a summary of key TIF initiatives from RYH: