Posts tagged "tif"

DePaul gets an arena, but what does the community gain?

DePaul gets an arena, but what does the community gain?
Big urban projects like sports arenas often come with a time-worn narrative: They will create tourism and attract new jobs and a tidy return on investment. City support for the controversial DePaul  University basketball arena is no different.  A City of Chicago news release stated that the arena, which will be located near McCormick Place... Read more »

Race, poverty and politics: Countdown to teachers' strike; TIF revenue falls; IL partners on insurance exchange

Illinois will partner with the federal government to offer a health insurance exchange in 2014, The State Journal-Register reported Thursday. “Logistical challenges” prevented the state from creating its own exchange, which health advocates wanted. That way, a state-appointed board of directors could determine how it works. The exchange is essentially an online marketplace where consumers... Read more »

Author of study on inequality in TIF-funded CPS schools highlights potential dangers

Author of study on inequality in TIF-funded CPS schools highlights potential dangers
A Roosevelt University study released last week outlines several disparities in how the city has funded several Chicago Public Schools construction projects through Tax Increment Financing. The report, penned by sociology professor Stephanie Farmer, found that the majority of TIF dollars spent on CPS projects, 52 percent, went to selective enrollment schools. Those schools make... Read more »
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Race, poverty and politics: Rep. Smith's saga moves to penalty phase; North Side schools get most CPS TIF money; city OKs $12M in protest settlements

Things aren’t getting any easier for indicted 10th District state Rep. Derrick Smith. On Wednesday, the House Special Investigating Committee, tasked with looking into accusations Smith took a $7,000 bribe, found there were sufficient reasons to punish him, and asked a new committee be formed to decide what that punishment should be. So now a... Read more »

Race, poverty and politics: Health exchange in limbo; subsidized child care at risk; Obama supports gay marriage; TIF reform?

The Illinois General Assembly is not expected to make any moves to create a state-run health care exchange, Crain’s reported on Thursday. Sources on both sides of the aisle in the statehouse said the inactivity is due to the pending Supreme Court decision on the constitutionality of the President Barack Obama’s sweeping health care law.... Read more »

Politics in review: Election results keep rolling in; West Side TIF zone gets $1M facelift; bringing out the big guns?

Here’s a rundown of the elections and political news The Chicago Reporter was discussing this week: More than a week after Illinois’ March 20 primary, more results have come in. In the 7th District statehouse race in west Cook County, Emanuel “Chris” Welch edged past his challenger, Rory Hoskins, by 36 votes. Welch, a lawyer... Read more »
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Three days left for TIF reform in the veto session

Three days left for TIF reform in the veto session
Tuesday, Wednesday and Thursday. Those are the three days left in the Illinois General Assembly’s fall veto session. What hangs in the balance? Tax Increment Financing District, or TIF, reform. Under SB540, state Sen. Dan Kotowski is proposing to add a new layer of state oversight as a check on the way municipalities approach TIF... Read more »

More calls for using TIF dollars to shore up deficit-riddled budgets

More calls for using TIF dollars to shore up deficit-riddled budgets
It’s budget season in Chicago, and the numbers aren’t pretty: The operating deficits for Chicago Public Schools and the city’s next spending plans are $712 million and $636 million, respectively. School administrators are trying to close their gap “by collecting $150 million more in property taxes, making programmatic and administrative cuts, laying off supplemental teachers... Read more »

Feds take a leaf out of Chicago's play book with tax benefits for wealthy neighborhoods

If you’ve heard complaints about Chicago’s Tax Increment Financing program, it’s probably this: a measures designed to help “blighted” neighborhoods is used to line the pockets of wealthy businessmen. But a new investigation from Bloomberg news says this kind of corruption isn’t just the Chicago way. Uncle Sam has now followed suit, shows Bloomberg, with... Read more »
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Cocktails and current events: Come to The Chicago Reporter's issue release party

If you’ve been on the search for the smartest cocktail party in Chicago, look no further. Come to The Chicago Reporter’s Drop party, where we release our latest issue, enjoy fine beverages and appetizers. Guaranteed you’ll meet some intelligent, interesting people who care about our city as much as you do. Join us at M... Read more »