The Trib Discovers TIFs | Bleader

Monday, October 6, 2008

The Trib Discovers TIFs

Posted By on 10.06.08 at 06:24 PM

Oh happy day! the Tribune finally got around to discussing tax increment financing, Mayor Daley's favorite budget scam. It was a tad misleading and not nearly as hard-hitting as I would like. But hey, I'm not complaining--it's a start.

The piece quotes 39th 38th Ward alderman Tom Allen, who's becoming increasingly outspoken in his criticism about the program. "We need to go to Springfield and change the state law so we can reclaim our TIF dollars that are being held hostage and put that money back in the general fund," Allen told Trib reporter Dan Mihalopoulos. "We're at least partly in the trouble we're in because of the TIFs."

But there's no need to wait for state approval to kill TIF districts. As has been noted by Jason Hardy, a researcher for the Center for Economic Policy Analysis and perhaps the foremost expert on TIFs around, city officials can do it anytime they want. So you're welcome to get to work, aldermen.

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