Share to Facebook Share to Twitter Bookmark and Share
Record #: O2013-5698   
Type: Ordinance Status: Failed to Pass
Intro date: 7/24/2013 Current Controlling Legislative Body: Committee on Committees, Rules and Ethics
Final action: 11/13/2013
Title: Redistribution of surplus funds from Tax Increment Financing (TIF) districts
Sponsors: Fioretti, Bob, Munoz, Ricardo, Sawyer, Roderick T., Waguespack, Scott, Foulkes, Toni, Hairston, Leslie A., Arena, John, Willie B. Cochran, Reilly, Brendan, Smith, Michele, Cullerton, Timothy M., Balcer, James, Cappleman, James, Quinn, Marty, Burns, William D., Solis, Daniel, Sposato, Nicholas, Colón, Rey, Pawar, Ameya, Reboyras, Ariel, Moreno, Proco Joe, Osterman, Harry, Silverstein, Debra L., O'Shea, Matthew J., Tunney, Thomas, O'Connor, Mary, Pope, John, Graham, Deborah L., Mitts, Emma, Dowell, Pat, Lane, Lona, Mell, Deborah
Topic: FINANCE FUNDS - Miscellaneous
Attachments: 1. O2013-5698.pdf
Related files: R2015-407
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...

Click here for full text