Thursday, November 1, 2012

Ta-Ta, TIF

A reader sends in an interesting article from Crain's Chicago Business:
TIF districts in Chicago traditionally are like bunny rabbits. Turn around and a dozen more of them pop up. But now, eight of Chicago's 163 tax-increment financing districts are going away. 

Under a plan announced today by Mayor Rahm Emanuel, eight districts that no longer are needed would be dissolved.

One, the Lakeside/Clarendon district on the North Side, has failed to produce even one economic development project within seven years of its formation. [...] "If a TIF district has already accomplished its neighborhood improvement goals, or if a district has clearly failed to produce intended results, it should be eliminated, plain and simple," Mr. Emanuel said. 

The districts collectively have $8.9 million in property tax assets, known as increments. Those funds will be shifted to the Board of Education, the city and other tax-imposing government units.
As UU has said in previous posts, the Lakeside/Clarendon TIF (see overview here) was created in 2004 specifically to attract businesses and ensure that the never-occupied hospital at 4720 N Clarendon would become occupied.  It was recently acquired by Chicago Lakeshore Hospital to expand its current location at 4840 N Marine.

As UU reported, Chicago Lakeshore Hospital did not utilize TIF funds for this project and is a for-profit hospital.  It pays taxes and helps build Uptown's tax base.


  1. Opening Fall 2012. Is this the building that already exists or are they putting something on the empty lot?

  2. The building never opened.. but is being redone right now for use. The work has been going on for months. The vacant lot next door is also under construction. Parking and I believe a private park for the patients. They are also redoing a parking lot on Leland right behind the Weiss Hospital garage.