By Celeste Meiffren/Illinois PIRG
Mayor Rahm Emanuel announced Monday that he will be immediately implementing some of the reforms proposed by his Tax Increment Financing (TIF) Reform Panel five months ago. All of the proposed reforms are necessary to fix TIF and need to become law before more of our tax dollars are wasted.
Every year, $500 million worth of property tax revenue collected from Chicago taxpayers flows into a funding pool that, up until very recently, has been completely off the books – allowing for an out-of-control spending spree to well-connected developers and other special interests.
Posted on January 31, 2012