Thanks for the correction, Enginist. I've added a clarification above. The Eastland lost more passengers though the Titanic did result in more total deaths, including 685 crew members.
Jeffrey: The language is more legalistic in the state TIF act though it's commonly referred to here and around the country as the "but for" clause. The Illinois law specifies that TIF districts must be in areas that are "blighted" and meet this standard:
"It is found and declared that the use of incremental tax revenues derived from the tax rates of various taxing districts in redevelopment project areas for the payment of redevelopment project costs is of benefit to said taxing districts for the reasons that taxing districts located in redevelopment project areas would not derive the benefits of an increased assessment base without the benefits of tax increment financing ..."
The full text of the law is here (Division 74.4):
FactChecker: Thanks for the catch--we've updated the number. And by the way, while I'd love to take credit for this post, it was written by my colleague Aimee Levitt.
IAC (and anyone else who's wondering): Yes, there were some metered spaces that the city controlled even after the original deal. They were described in the legal agreement as "reserved" spaces as opposed to "concession" spaces, which were placed into the hands of the parking meter company. Mayor Emanuel's renegotiated agreement moved 174 more pay boxes--and all the accompanying spaces--from "reserved" to "concession" status, which is to say the revenues now flow straight into the coffers of the meter company. This was in return for changing the way the bills for meter removals are calculated. It's all in section 7.2 of Emanuel's version of the deal (http://www.cityofchicago.org/content/dam/c…).
In the short run, it probably works in the city's favor, but over the course of the deal both taxpayers and parkers are likely to shell out more.
Marguerite: Overtime alone won't pay for 1,000 additional police officers. Each one will cost about $100k in salary and benefits. The city can't use every dime of OT to cover these expenses because there are still occasions when it will need to ask officers to work extra shifts. By most estimates, 500 police at most could be financed with funds now used for OT shifts in crime hotspots.
"For fuck's sake ... "
On this point we can all agree.
Thanks for the support for my taste in beer! If the Status Quo had been on tap, I'm sure plenty around here would order that instead.
To a revolutionary 2015 ...
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