Chicago's Tax Increment Financing Districts Under Scrutiny
Mayor Johnson's plan to declare a $1 billion "surplus" in Chicago's Tax Increment Financing (TIF) districts has sparked debate and highlighted issues with the city's TIF system.
Chicago's TIF "surpluses" have increased more than ninefold in the past decade, with the city's TIF balances reaching a record high. The proposed $1 billion surplus would result in an additional $232.6 million in revenue for the city and $552.4 million for the Chicago Public Schools budget.
- The move is a one-time fund sweep aimed at addressing the city's $1.15 billion budget shortfall for 2026.
- Some aldermen are questioning the decision, while others are highlighting fundamental issues with TIF districts themselves.
Illinois' comeback story starts here.
Author's summary: Chicago's TIF surplus sparks debate and scrutiny.
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