Today we’re publishing “TIFs In Illinois“, a new report by our partner, the Citizen Advocacy Center (CAC). In this report, CAC offers reform recommendations to improve transparency in TIF designation, implementation and duration of existence.
Smart Chicago was interested in this project because it helps make information about TIF districts more accessible to the public. Here’s a snip:
Tax Increment Financing, or TIF, is a powerful municipal economic development tool created by the Illinois General Assembly in 1977. Although nearly every state in the nation adopted tax increment financing, each state’s legislation differs. The Illinois Tax Increment Allocation Redevelopment Act is the basis for all the information in this website.
The purpose of TIF is to spur and fund development in areas with declining or stagnant property values through providing incentives to developers. The revenues used to pay for the incentives come from property taxes that the municipality diverts for the duration of the TIF district, typically 23-30 years. The theory is that the TIF designated area will develop due to the assistance of incentives to developers, and the property valuation for the TIF designated area will substantially increase and benefit all taxing bodies in the future.
With their legal, non-biased knowledge of the substantive provisions of the TIF statute, as well as a breadth of knowledge as to what information is or should be available from public bodies, CAC was the perfect partner to translate TIF technical and legal concepts into language that regular residents can understand and use.
Take a look on Slideshare or downlaod directly:
