4.20.13 tif equity & racial justice - englewood
DESCRIPTION
Power point presentation going over the impact of the TIF system and Mayor's economic policies on Chicago's neighborhoods. With unique employment data of Englewood and surrounding communitiesTRANSCRIPT
Title LayoutSubtitle
What is TIFTIF?
*TIF explanation material and diagrams borrowed from
Chicago Coalition for the Homeless’ Sweet Home Chicago campaign
What does TIF TIF do?TTax IIncrement FFinancing or TIFTIF is an economic development tool the City of Chicago uses to develop a community with property taxes.
General Expenses:
•Schools
•Libraries
•Parks
$100 $100 $100
$100 $100 $100TOTAL:TOTAL:
$600$600
$100 $100
$100$100
$100
$100
General Expenses:
•Schools
•Libraries
•Parks
TIF (Tax Increment Financing) District
(Can last for up to 23 years)
$125$125 $125
$125$125 $125
$125$125 $125
$100 $100 $100
$100 $100 $100$25 $25
$25
$25
$25 $25
$125 $125 $125
TOTAL:TOTAL:
$600$600
Total Money Collected (After TIF):
$1125$1125
TIF Fund:TIF Fund:
TOTAL:TOTAL:
$525$525
NEW NEWNEW
TIF Equity & Racial Justice
▪Have you seen cutbacks in your community? What was the impact?
*Diagram from Chicago Reader article by Ben Joravsky and Mick Dumke
Real Impact of TIF 2002-2010▪Downtown Job Growth = 41,197 ( 7.1% )▪Englewood Job Loss = 537 (21.8%)▪West Englewood Job Loss = 903 (25.7%)▪Auburn Gresham Job Loss = 1490 (21.8%)▪Oswego, IL Job Gain = 834 ( 123.9% )
*Information based on Longitudinal Employment Household Dynamic Data 2002-2010
*Diagram from Chicago Reader article by Ben Joravsky and Mick Dumke
TIF's Take in 2011
Board of Ed, $239M
School Bldg & Improv Fund, $9.9M City of Chicago,
$83M
Library Fund, $9.2M
Park District, $28.8M
Water Reclamation, $22.7M
City Colleges, $13.7M
County, $38.4M
Forest Preserve, $4.8M
Total: $453.7M
▪Cut public safety, close 3 police districts - $82 million
▪Cut library hours - $7 million
▪Shut down 6 mental health clinics - $7 million
▪Forced the cut of $87 million in auxiliary/after-school programs
Rahm’s First Budget Cuts
Rahm’s First Budget Taxes/Fees
▪Raised water fees - $147 million, $120/family
▪Raise city sticker cost - $15 million
▪Raised CPS property taxes - $150 million, $84/family
▪Additonal $204 per family in 2012
▪Eliminating the Corporate Head Tax
▪Annual revenue = $35 million
Rahm’s First Corp Handout
TIF Corporate Welfare▪ Ground Breaking at River Point Tower▪ $29.5 M for Corporate Plaza
▪ More office buildings proposed despite a 14.9% vacancy rate at end of 2012
▪ In 2011, there were no revenues generated for LaSalle Central TIF
Interest Rate Swaps
▪$73 million from the City
▪$35 million from Chicago Public Schools
▪$4.8 million goes to Bank of America
▪Closing 9 schools in order to pay Tim Maloney
IL Income Tax’s Uneven Burden
Whose side are you on?
VS
Shared Prosperity
▪End TIF Corporate Welfare
▪Renegotiate Interest Rate Swaps
▪Change IL Income taxes