"The $50 million would come out of—yes, you guessed it—a tax increment financing district. In this case, the Montrose/ Clarendon TIF, which former mayor Richard Daley and former alderman Helen Shiller left behind as sort of a horror-show monster to haunt taxpayers for the next 24 years. Both of them retired in May. Thanks for the memories, guys."
Yup.
"So the city's plan effectively became giving a developer $44 million in property taxes in order to spend $6 million fixing up a public park."
Yup.
Read the whole story here.
I'm glad to hear Joravsky is changing his tune. The article he wrote trashing Cappleman's election tactics after his win was rather rude! Anything James did paled by comparison to the crap that Helen pulled!!!
ReplyDeleteWhy didn't Joravsky notice that this #50M was to come out of the Maryville TIF when Schiller was in office. Everyone else knew that or could figure it out. That money will claim most of the property tax revenue in the TIF district, and divert it from necessary municipal services as well as the public amenities we all want.....
ReplyDelete... all so we can flood the Lakeview condo market with MORE unsold condos. How many of these units will be rental and how many will be condos?
Does anyone care if their tax revenues go to the back pockets of yet another crony developer while property taxes on their underwater houses and condos continue to escalate? Does anyone resent being impoverished to enrich the already really well-heeled developers and corporations that are the beneficiaries of the TIFs?
@larrynow: Bad is bad. Qualifying naughty politics to suit your self is madness.
ReplyDelete