By Angela Caputo, Progress IllinoisOver the past month, Mayor Daley's tax increment financing (TIF) system has attracted some much-needed scrutiny. First came the news that the city is forking over $3.8 million to insurance giant Willis Group Holdings to refurbish their swank new Sears Tower headquarters (despite the fact that the company's annual revenue exceeds $2 billion). Then we learned from the Sun-Times that condo owners in Chicago's University Village had benefited from TIF subsidies, only to flip their "affordable housing" for a profit (essentially pocketing those taxpayer dollars). Cook County Clerk David Orr recently summed it up well: "We’re looking at massive abuse. ...TIFs can be a good tool, but this has become a giant slush fund in the city of Chicago.” Continue Reading
That's OK. They have a plan. They're reportedly considering firing all of the traffic coordinators and replacing them with cops. Just in time for what could be one of the most violent summers in Uptown/Edgewater/Rogers Park. Brilliant.
ReplyDeleteOur U.S. Attorney Pratrick Fitzgerald is a real hero when it comes to the getting a slew of corrupt politicians. Many more are in his cross-hairs and it will not be soon enough for me. The biggest fish to catch probably will be Daley. He has done alot for the city but at the expenses of the working people who pay the taxes with the sweat off thier backs. I cannot wait to see him sweat for a change in the hot seat in a court room. This Mayor needs to be investaged and soon too.....
ReplyDeleteHow much TIF money will be used to pay for the Olympics? "No taxpayer money will be used," is the line Daley repeats over and over. I guess most people have not yet learned that TIF money IS THEIR TAX MONEY!
ReplyDeleteDaley won't use TIF money for the Olympics he will raise parking and sell off more assets.
ReplyDeleteRumor has it he is thinking about turning Lakeshore Drive into a Toll Road.
He will never touch his TIF pot of money that's his money he uses for bribes.
Daley's already planning to use (or "waste" depending on how you look at it) TIF money.
ReplyDeleteThe Reader's got an article on how a pool/gym renovated with $30M in TIF funds will be razed and replaced with an Olympic site.
Also - Daley's got lobbyists in DC working the room to get Federal dollars (beyond the promised the Fed offered security costs).
I don't buy the idea that LSD will be turned into a toll road.
ReplyDeleteNow Daley might like to do that but the uproar would be LOUD. Even his pet aldercreatures would have to resist.
Must be a Chicago thing!
ReplyDeleteIn any other city the citizens would be marching on city hall with pitch forks and torches demanding answer to why over a billion $$ was hidden away. Here it just gets a couple lame jokes.
Daley sits on all of this cash, but makes city employees take unpaid days off, and job cuts. His bloated bribe fund is more important that city services and jobs. What an embarrassment.
ReplyDeleteWho's the guy at Reader that writes about TIFs?
ReplyDeleteBen Joravsky.
ReplyDeleteDaley ain't done squat for the city. Daley does for Daley. And it's no surprise the citizens of this "world class city" cause no trouble for the man, they're too busy with what matters: themselves. So long as you build new homes for the lazy and poor and hire your friends people here are more than happy to look the other way. It's not just the elected who have loose ethics but also those who put them in office.
ReplyDelete