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“ TIF 101 How They Work & Why They Need to Go” Tom Tresser – [email_address] – http://www.tresser.com

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420 TIFs created since 1979 TIFs – THERE ARE A LOT OF THEM!

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23 year life

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“A billion here, a billion there…and it starts to add up to real money.” TIFs ARE HUGE

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2008 TOTAL FOR ALL COOK COUNTY = $875 MILLION! TIFs ARE HUGE

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TIFs Are Corrupt <ul><li>Controlled by mayor & city councils </li></ul><ul><li>Each one requires consultant to plan </li></ul><ul><li>Each one has audit requiring law firm, accountants </li></ul><ul><li>Reporting, monitoring, evaluating almost impossible </li></ul><ul><li>Massive abuse, fraud, insider deals </li></ul>

9.
TIF for North Side auto dealer is a boondoggle. (Opinion)(city officials plans to give Grossinger Auto Group $8.5 million in tax-increment financing ) Crain's Chicago Business – Jan 14, 2008 TIF addiction in Chicago reached a new low last week. City officials endorsed a plan to give Grossinger Auto Group $8.5 million in tax-increment financing to build a dealership at the bustling intersection of North and Clybourn avenues on the North Side. The site isn't in a TIF district, but the officials were kind enough to create one just for the building Grossinger plans to convert into a four-level auto mall.

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2009 revenues of $2.6 BILLION! IN 2009 THE CITY GAVE CHICAGO MERCHANTILE EXCHANGE $15 MILLION FOR REHABBING CORPORATE HQ. APPROVED BY ALDERMAN BOB FIORETTI, 2 ND WARD.

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CHICAGO PLEADS POVERTY… CUTS SERVICES. CLOSES SCHOOLS. CLOSES HEALTH CLINICS. LAYS OFF TEACHERS. City closed for three week days in 2009… and yet...

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THE CITY HAD $1.4 BILLION IN UNSPENT TIF FUNDS AT THE END OF 2008 AND NEARLY AS MUCH AT THE END OF 2009!

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IF THERE WERE NO TIFS, WHAT HAPPENS?

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NO TIFS = YOUR PROPERTY TAX BILL GOES DOWN BY 11% !!

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But We NEED TIFs… <ul><li>We can use other methods to subsidize WORTHY, appropriate projects </li></ul><ul><li>Bonding </li></ul><ul><li>Place line items in city budget </li></ul><ul><li>Timely, public review process to solicit and build support for projects that CAN NOT be done by the free market </li></ul>

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In Closing… <ul><li>TIFs are a tax </li></ul><ul><li>They impact everyone </li></ul><ul><li>They are corrupt, difficult to monitor </li></ul><ul><li>Eliminating TIFs = PROPERTY TAX BILLS GO DOWN BY 11% </li></ul><ul><li>There are other ways to fund worthy projects </li></ul>