This document discusses the impacts of tax increment financing (TIF) programs between 2002-2010. It shows job growth in downtown Chicago of 41,197 jobs but job losses of 212 jobs in Englewood, 202 jobs in Brighton Park, and 1680 jobs in South Shore. It also lists how TIF funds were distributed in 2011 totaling $453.7 million, with the largest amounts going to the Board of Education and City of Chicago. The document criticizes Mayor Rahm Emanuel's first budget for cutting public services while raising taxes and fees. It also discusses corporate handouts through TIF programs and interest rate swaps that benefit banks. It calls for ending TIF corporate welfare, renegotiating interest rate swaps

1. Title Layout
Subtitle

2. TIF Equity & Racial Justice
▪ Have you seen cutbacks in your
community? What was the impact?

4. Real Impact of TIF 2002-2010
▪ Downtown Job Growth = 41,197 ( 7.1% )
▪ Englewood Job Loss = 212 ( -29.6% )
▪ Brighton Park Job Loss = 202 ( -9.9% )
▪ South Shore Job Loss = 1680 ( -28.5% )
▪ Oswego, IL Job Gain = 834 ( 123.9% )

6. TIF's Take in 2011
School Bldg &
Improv Fund, $9.9M City of Chicago,
Total: $83M
$453.7M
Library Fund, $9.2M
Park District, $28.8M
Board of Ed, $239M
Water Reclamation,
$22.7M
City Colleges,
$13.7M
Forest Preserve,
$4.8M County, $38.4M

7. Rahm’s First Budget Cuts
▪ Cut public safety, close 3 police districts - $82
million
▪ Cut library hours - $7 million
▪ Shut down 6 mental health clinics - $7 million
▪ Forced the cut of $87 million in
auxiliary/after-school programs

8. Rahm’s First Budget Taxes/Fees
▪ Raised water fees - $147 million, $120/family
▪ Raise city sticker cost - $15 million
▪ Raised CPS property taxes - $150 million, $84

9. Rahm’s First Corp Handout
▪ Eliminating the Corporate Head Tax
▪ Annual revenue = $35 million

10. TIF Corporate Welfare
▪ Ground Breaking at River Point
Tower
▪ $29.5 M for Corporate Plaza
▪ More office buildings proposed
despite a 14.9% vacancy rate at
end of 2012
▪ In 2011, there were no revenues
generated for LaSalle Central TIF

11. Interest Rate Swaps
▪ $73 million from the City
▪ $35 million from Chicago Public
Schools
▪ $4.8 million goes to Bank of
America
▪ Closing 9 schools in order to pay
Tim Maloney

13. IL Income Tax’s Uneven Burden

14. Whose side are you on?
VS

15. Shared Prosperity
▪ End TIF Corporate Welfare
▪ Renegotiate Interest Rate Swaps
▪ Change IL Income taxes