Ordinance Declaring and Distributing a Surplus
Whereas, Tax increment financing (TIF) is a tool intended by Illinois state law to encourage economic development by providing public support to encourage investment in targeted areas that meet certain conditions of blight, decay or underperformance; and
Whereas, Tax increment financing is not an end in itself, but a crucial tool for supporting quality businesses, creating more jobs and building strong neighborhoods; and
Whereas, the Chicago Public School Board and Administration have imposed deep and unsustainable cuts in virtually every neighborhood elementary school and high schools; and
Whereas, the City of Chicago's neighborhoods are waiting for improvements to basic infrastructure after years waiting through the economic recession; and
Whereas, in light of the current economic circumstances, a short-term infusion of funds back into the schools and neighborhoods will offset drastic cuts, helping achieve the ultimate goal of supporting strong schools and our neighborhoods; and
Whereas, Cook County Clerk David Orr has released the 2012 TIF projections which shows that Chicago will collect over $457 million in TIF revenue for the 2012 tax year which is an increase in Chicago's 2012 TI F revenue of almost 1%; and
Whereas, this surplus includes moneys not required, pledged, earmarked, or otherwise designated for payment and securing of the obligations and anticipated redevelopment project costs; and
Whereas, 65 ILCS 5/11-74.4-7 requires that any monies held by a municipality and not required for the payment and securing of obligations,of a tax increment financing district and/or redevelopment project costs shall be deemed to be "Surplus Funds"; and
Whereas, residents of the City of Chicago are demanding a full accounting of all TIFs and policies that put residents and businesses in Chicago first;
Therefore, be it ordained, that:
SECTION 1. Recitals. The above recitals are incorporated herein and made a part h...
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