Uptown Update: 70% of Property Taxes in Wilson Yards TIF District Go to the TIF

Those who believe that TIF or RIF funds are "free" money need to take a look at what is happening to taxpayers in extant TIF districts in Chicago.
 
Uptown Update's November 15 post displays a tax bill for a property in the Wilson Yard TIF District. As you can see, fully 71% of the amount goes to the TIF district, and away from the schools, the police department, the fire protection district, the libraries, the parks, and all the other critical services and public amenities that make Chicago a good place to live, work, and do business. 

No wonder Chicago is having serious financial problems. We have over 160 extant TIF districts, with more being planned, notably the 49th Ward RIF that will cover the entire ward. Additionally, some TIFs are renewed when their 23-year term expires.

Was the Target store on Broadway worth diverting so much money from the municipal services that we need to have a safe and sanitary environment? Do the 200 or so jobs the store supplies offset the reductions in services and hikes in taxes and fees made necessary by the loss of tax revenues?

Remember, every dime allocated to a TIF comes out of city revenues. There's no such a thing as free money. 

Schedule of Aldermanic Debates and Forums

Aldermanic debates and forums will take place at the following locations and times:

Sunday, Jan 28th, 2:30-4:00 PM
Good News Community Church
7649 N. Paulina
Sponsored by Northside POWER
For more information, contact Daniel Romero, 773-262-2297

Thursday, Feb 1st, 7:00-8:30 PM
Loyola Park Fieldhouse
1230 W. Greenleaf Ave.
Sponsored by the Rogers Park Community Council, DevCorp North, Family Matters, & Howard Area Community Center
For more information, contact Mary Jane Haggarty 773-338-7722, ext. 26

Saturday, Feb 3rd, 10:00 AM
United Church of Rogers Park
1545 W. Morse Ave.
Sponsored by Rogers Park Community Action Network
For more information, contact Lisa Griffith at 773-973-7888

Wednesday, Feb 7th 7PM
United Church of Rogers Park
1545 W. Morse
Sponsored by the Organization of the Northeast/League of Women Voters
For more information, call Astrid Saurez at 773-769-3232

Wednesday, Feb 14th, 7:30 -9:00 AM
No Exit Cafe
6970 N. Glenwood Ave.
Sponsored by Rogers Park BizArts, DevCorp North, & www.rogerspark.com
For more information, call DevCorp North at 773-508-5885

Wednesday, Feb14, 10:00-11:30 AM
Good News Community Church
7649-51 N. Paulina
Sponsored by the Howard Area Alternative High School & Howard Area Seniors Club
For more information, call Sister Cecilia Fandel at 773-973-4812