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Progress Illinois digs into the business-luring TIF deals--a program the Mayor once referred to as the only game in town for economic development--and points out just one of the many problems with it: it puts the public on the hook without making any real demands on the corporations who receive our largess.
TIFs - The Blind Spot In The Chicago Tax Break Debate
progressillinois.com - 5 weeks ago - 244 views
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Two groups talking past one another, LenKody?
Tax Increment Financing Districts still oblige developers to borrow the lion's share of the capital required to build these high-rise structures. These projects must be properly zoned & construction permits obtained. This help ensure that the City of Chicago has ample opportunity to ensure the developer's recipricol investment.
Windy Citizens should be concerned about additional tax concessions, land grants or utility extensions as documented in one of my favorite books--Free Lunch. New York Times author David Cay Johnston described the flawed logic of spending tax dollars to lure business.
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