by Hal Dardick
Cook County Clerk David Orr today called for a timeout on creating controversial tax increment finance districts that retiring Mayor Richard Daley has relied on to spur economic development during his tenure.
Orr wants the moratorium to last at least until Daley's final term ends in May and hopes a comprehensive review of TIF districts can be done in the meantime. It’s not clear, however, if any new ones are wending their way through the city approval process. Attempts to get comment from Daley’s administration were not immediately successful.
“TIF Districts are supposed to generate economic development where it otherwise would not occur,” Orr said. “They were not created to be a rainy day fund or a safety net when the economy went sour. Too often, Chicago’s policy has been to collect millions in a piggy bank and decide how to spend it later.” Continue Reading