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“ TIF 101  How They Work & Why They Need to Go”   Tom Tresser –  [email_address]  – http://www.tresser.com
420 TIFs created since 1979 TIFs – THERE ARE A LOT OF THEM!
 
23 year life
“A billion here, a billion there…and it starts to add up to real money.” TIFs ARE HUGE
2008 TOTAL FOR ALL COOK COUNTY =  $875 MILLION! TIFs ARE HUGE
TIFs Are Corrupt ,[object Object],[object Object],[object Object],[object Object],[object Object]
 
TIF for North Side auto dealer is a boondoggle. (Opinion)(city officials plans to give Grossinger Auto Group $8.5 million in tax-increment financing ) Crain's Chicago Business – Jan 14, 2008 TIF addiction in Chicago reached a new low last week.  City officials endorsed a plan to give Grossinger Auto Group $8.5 million in tax-increment financing to build a dealership at the bustling intersection of North and Clybourn avenues on the North Side. The site isn't in a TIF district, but the officials were kind enough to create one just for the building Grossinger plans to convert into a four-level auto mall.
 
2009 revenues of $2.6 BILLION! IN 2009 THE CITY GAVE CHICAGO MERCHANTILE EXCHANGE  $15 MILLION FOR REHABBING CORPORATE HQ. APPROVED BY ALDERMAN BOB FIORETTI,  2 ND  WARD.
CHICAGO PLEADS POVERTY… CUTS SERVICES. CLOSES SCHOOLS. CLOSES HEALTH CLINICS. LAYS OFF TEACHERS. City closed for three week days in 2009… and yet...
THE CITY HAD $1.4 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2008 AND NEARLY AS MUCH AT THE END  OF 2009!
IF THERE WERE NO TIFS, WHAT HAPPENS?
NO TIFS = YOUR PROPERTY TAX BILL GOES DOWN BY 11% !!
But We NEED TIFs… ,[object Object],[object Object],[object Object],[object Object]
In Closing… ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Tax Increment Finance 101

  • 1. “ TIF 101 How They Work & Why They Need to Go” Tom Tresser – [email_address] – http://www.tresser.com
  • 2. 420 TIFs created since 1979 TIFs – THERE ARE A LOT OF THEM!
  • 3.  
  • 5. “A billion here, a billion there…and it starts to add up to real money.” TIFs ARE HUGE
  • 6. 2008 TOTAL FOR ALL COOK COUNTY = $875 MILLION! TIFs ARE HUGE
  • 7.
  • 8.  
  • 9. TIF for North Side auto dealer is a boondoggle. (Opinion)(city officials plans to give Grossinger Auto Group $8.5 million in tax-increment financing ) Crain's Chicago Business – Jan 14, 2008 TIF addiction in Chicago reached a new low last week. City officials endorsed a plan to give Grossinger Auto Group $8.5 million in tax-increment financing to build a dealership at the bustling intersection of North and Clybourn avenues on the North Side. The site isn't in a TIF district, but the officials were kind enough to create one just for the building Grossinger plans to convert into a four-level auto mall.
  • 10.  
  • 11. 2009 revenues of $2.6 BILLION! IN 2009 THE CITY GAVE CHICAGO MERCHANTILE EXCHANGE $15 MILLION FOR REHABBING CORPORATE HQ. APPROVED BY ALDERMAN BOB FIORETTI, 2 ND WARD.
  • 12. CHICAGO PLEADS POVERTY… CUTS SERVICES. CLOSES SCHOOLS. CLOSES HEALTH CLINICS. LAYS OFF TEACHERS. City closed for three week days in 2009… and yet...
  • 13. THE CITY HAD $1.4 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2008 AND NEARLY AS MUCH AT THE END OF 2009!
  • 14. IF THERE WERE NO TIFS, WHAT HAPPENS?
  • 15. NO TIFS = YOUR PROPERTY TAX BILL GOES DOWN BY 11% !!
  • 16.
  • 17.