Committee on Finance
TIF Surplus Ordinance
Whereas, tax increment financing (TIF) is a too) intended by Illinois state law to encourage economic development by providing public support to incentivize investment in targeted areas that meet certain conditions of blight, decay, or underperformance; and
Whereas, the City of Chicago is facing a projected budgetary deficit of over $800 million in 2020; and
Whereas, the City's neighborhoods are in need of improvements to basic infrastructure and additional social services; and.
Whereas, Cook County Clerk, Karen Yarbrough, has released the 2018 Til- projections which show that Chicago expects to collect a record $841 million in TIF revenue for the 2018 lax year (in the fall of 2019), which is an increase in Chicago's 2017 TIF revenue of approximately $181 million; and
Whereas, significant TIF fund balances exist, which may be available for declaration as a TIF surplus; and
Whereas, TIF districts near the City's central business district generate millions of dollars in incremental tax revenue annually; and
i
Whereas, this surplus includes moneys not required, pledged, earmarked, or otherwise designated for payment and securing ofthe obligations and anticipated redevelopment project costs; and
"City Surplus Funds" means moneys in all Special Tax Allocation Funds not required, pledged, earmarked, or otherwise designated for payment and securing of TIF Contractual Obligations.
"TIF Contractual Obligations" means bonds, loans, debentures, notes, special certificates, or other evidence of indebtedness issued by the City of Chicago to carry out a redevelopment project or to refund outstanding obligations and payments associated with a redevelopment agreement or other binding contract, which has been approved by the local governing body ofthe municipality. TIF Contractual Obligations do not include anticipated redevelopment project costs, multi-year capital plans, or other potential future payments not required to be made pursuant to a legally binding written document approved by the municipal governing body.
Therefore, be it ordained, that:
Section 1: Each year, tlie City of Chicago must estimate by December 1 of the same year thetotal TIF Contractual Obligations and total City Surplus Funds for the next calendar year.
The calculations of TIF Contractual Obligations and total City Surplus Funds must be placed on the City of Chicago website and include a description of all calculations, assumptions, and a detailed list of all TIF Contractual Obligations. Within 60 days of collecting incremental taxes, the City will declare all City Surplus Funds as "surplus" funds as defined in the Tax Increment Allocation Redevelopment Act (TIF Aj^K65 ILCS 5/Art. 11 Div. 74.4).
CITY OF CHICAGO
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OFFICE OF THE CITY CLERK ANNA M. VALENCIA
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121 NORTH LASALLE STREET. ROOM 107. CHICAGO. ILLINOIS G0602
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OFFICE OF THE CITY CLERK ANNA M. VALENCIA
Chicago City Council Co-Sponsor Form
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Chicago City Council Co-Sponsor Form
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121 NORTH LASALLE STREET. ROOM 107. CHICAGO, ILLINOIS 60602
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OFFICE OF THE CITY CLERK ANNA M. VALENCIA
Chicago City Council Co-Sponsor Form
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121 NORTH LASALLE STREET. ROOM 107. CHICAGO. ILLINOIS 60602