This presentation on the 11 TIFs inside the 4th Ward was done on May 29, 2014. If you would like your own copy of this presentation that shows all the data from this ward as well as examples from the TIF Hall of Shame, please visit The TIF Data Store @ http://tinyurl.com/TIF-Data-Store. The TIF Illumination Project is 100% volunteer driven but we have serious monthly expenses to operate the CivicLab, our home, plus we’d like to build an online platform to make this information easy to access. Thanks! Contact = info@civiclab.us www.civiclab.us www.tifreports.com

1. May 29, 2014
Tom Tresser

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www.civiclab.us

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4. In the evening – open enrollment workshops on all things civic...
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“TIF 101”
“Vegan Cooking”

5. Watch the 2 ½ minute promo @ http://tinyurl.com/TIF-101-promo-YT
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What are TIFs?

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What are TIFs?

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What are TIFs?
• Created by municipality (state
statute)
• Boundaries cross political and
community boundaries
• Designed to subsidize some
business project in “blighted” or
under-served area
• Captures “incremental” property
taxes ABOVE base when district
was created
• Lasts 23 years

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What are TIFs?
Under state law, areas proposed for TIF designation
must possess numerous blighting factors to be
eligible:
• Age
• Obsolescence
• Code violations
• Excessive vacancies
• Overcrowding of facilities

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How Do TIFs Work?
When the TIF is created,
the city tallies up all the
property taxes
generated by district in
that year (called the
"base" amount). After
that, all property tax
increases above the
base (the "increment")
are channeled to the TIF
district.
The property taxes
collected from
properties inside the
district BEFORE the
district was created
that go to units of
government stays
FLAT for the life of the
TIF (23 years).

11. Better Government Association 11

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Where are TIFs?
• All over Chicago and Cook
County = 435 TIFs in 2012
• 154 in city of Chicago
{Was 163 - 9 terminated in 2012}
• Additional 281 in suburban
Cook County

14. Where are TIFs?
TIF 101 14

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Where are TIFs?

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How Much Revenue Do TIFs Collect?

17. How Much Revenue Have TIFs Collected?
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Ouch!
Source: Cook County Clerk

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How Much Revenue Do TIFs Collect?
2012 TOTAL TIF REVENUE FOR COOK COUNTY
City of Chicago
TIFs diverted $457 MILLION
Suburban Cook County where
83 municipalities have TIFs
TIFs diverted $266 MILLION
TOTAL FOR 2012 = $723 MILLION

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How Much Revenue Have TIFs Collected
Since TIFs Introduced Here?

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How Much Revenue Do TIFs Collect?
2012 Actual
TIFs extracted $457million in 2012.
That # is 51% of the TOTAL amount of
property taxes that went to the city for
its operations! TIF = “Off the books”
“On the books”

21. • We are told that TIFs have NO impact on our property taxes.
• This bill is from a property inside the Englewood TIF.
• It shows “0.00” impact on this person’s bill. Nothing.

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The civics books
say our property
taxes are distributed
like this…
But in 2011 our
property taxes in
Chicago were
REALLY distributed
like this…

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25. Click here to open the
163 2011 PDF Annual
Reports. One by one.
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Repeated for 154
2012 Annual Reports.

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THE CITY HAD
$1.7 BILLION IN
UNSPENT TIF
FUNDS AT THE END
OF 2011 and 2012!

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What are TIFs?

30. You can get this full presentation online at the TIF Data Store at
http://tinyurl.com/TIF-Data-Store. The full presentation contains this
data:
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- how many TIFs in the ward
- estimation of TIF property tax extraction from TIFs in the ward for
latest year
- if a TIF is 100% or close to 100% in ward, lifetime property tax
extraction
- how much money left in those TIF accounts FROM the ward
- what projects funded by TIFs in the ward
- examples from the TIF Hall of Shame
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Find out more - info@civiclab.us.

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www.civiclab.us
www.tifreports.com