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Record #: O2015-5328   
Type: Ordinance Status: Introduced
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Section 2-32-130 regarding identification and declaration of Tax Increment Financing (TIF) surpluses annually
Sponsors: Emanuel, Rahm
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2015-5328.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 29, 2015









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Budget Director, I transmit herewith an ordinance amending Chapter 2-32 of the Municipal Code regarding TIF surpluses.

Your favorable consideration of this ordinance will be appreciated.

Mayor




Very truly yours,
ORDINANCE

WHEREAS, The City's 147 currently active TIF Areas support crucial economic development and public infrastructure projects within TIF Area boundaries; and
WHEREAS, As a general matter, the City allocates TIF funds to existing projects, contemplated projects, and anticipated future use; and
WHEREAS, Any revenue in a TIF Area not allocated in this manner is to be returned to Cook County as a "surplus" for disbursal to the local taxing bodies, including the Chicago Public Schools, the City, Cook County, and certain of the City's sister agencies; and
WHEREAS, As the City's TIF Task Force recommended in its 2011 report that the City develop performance metrics around the management of TIFs including declaration of surplus; and
WHEREAS, Following the recommendation of the TIF Task Force, the current administration has reviewed TIF performance thresholds and has declared TIF surpluses on a regular basis; and
WHEREAS, In 2013, the administration issued an executive order formalizing the practice of identifying, on an annual basis, a portion of TIF funds designated for anticipated future use, removing that portion from that designation, and declaring that portion a surplus; and
WHEREAS, Because declaring a TIF surplus increases property tax revenue available to fund non-TIF-related City needs, as well as our schools, parks, and other public institutions, the administration has now determined that the public interest is best served by enshrining as law the requirements of the TIF surplus executive order; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ...

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