Chicago plans to borrow over $1 billion as it weans itself off TIFs – Crain’s*
In a confidential memorandum delivered to Johnson’s top aides July 18 by the former commissioner of the Department of Housing, Marisa Novara, and the former commissioner of the Department of Planning & Development, Maurice Cox, Johnson was urged to borrow $1.25 billion in anticipation of those TIF districts going offline. The move would be a remarkable shift in how the city pays for and subsidizes development projects. The bond issuance would begin the process of Chicago weaning itself off the special tax districts created in the last three decades to incentivize development.