Chicago's Tax Increment Financing Districts Under Scrutiny
Chicago Mayor Brandon Johnson has unveiled a plan to address the city's $1.15 billion budget shortfall for 2026, which includes declaring a record-setting $1 billion "surplus" in the city's Tax Increment Financing (TIF) districts.
This move would result in an additional $232.6 million in revenue for the city and $552.4 million for the Chicago Public Schools budget. However, many aldermen are questioning the decision, citing concerns about the fundamental issues with TIF districts themselves.
According to the Director of Fiscal and Economic Analysis, Chicago Tax Increment Finance "surpluses" have increased more than ninefold in the past decade, highlighting potential issues and abuse of these districts.
Illinois' comeback story starts here.
- TIF "surpluses" have increased more than ninefold in the past decade.
- The proposed $1 billion "surplus" declaration would result in additional revenue for the city and Chicago Public Schools.
Author's summary: Mayor Johnson's plan sparks scrutiny of Chicago's TIF districts.
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