From Clout City:
Over the last two decades Chicago’s tax increment financing program has reaped billions of dollars in public money that ended up in special-use accounts controlled almost exclusively by Mayor Richard M. Daley, with almost no public oversight. For years the Chicago Reader's Ben Joravsky was the only reporter to complain. Now the Reader's dogged coverage of this issue is being dropped at Daley's door.
Two frustrated aldermen are now calling for some major reforms of the TIF program, and they’re starting by taking on the oversight issue.
First Ward alderman Manny Flores and 32nd Ward alderman Scott Waguespack introduced a proposal at the City Council meeting Wednesday requiring that full documentation of TIF deals be posted online in a “comprehensive and usable fashion.” If passed the ordinance would mandate that by the end of this year the city post every specific agreement, amendment, attachment, order, audit, and record for every use of money from Chicago’s roughly 160 TIF districts. Continue Reading