The annual reports f0r Chicago Tax increment Finance Districts are out.In order to find out how much they cost the taxpayers, one would have download all the PDF reports, open them up one by one and drop numbers into a spreadsheet. That’s what our intrepid volunteer researcher, Trevor Clarke did. The results are outrageous.
There are 164 TIF districts in the city of Chicago and in 2010 they siphoned an astounding $706 MILLION in property taxes away from the units of government that rely on them for operation. Not bad for a recession – this is an all-time high, an increase of 36% over 2009′s total.
Didn’t we read about a $700 million hole in the city’s budget? The city is laying off policemen, fire fighters, and teachers.
So here’s the money you need, Mr. Mayor, to close the gap and preserve public services. A copy of our findings is available for download for free here.