-- Connecting the dots between our economy, government and business --
In a major shift away from how the city currently funds development, Johnson plans to pay for the massive borrowing package by knocking out another priority: letting dozens of the city’s controversial tax increment financing districts expire. The borrowing plan would provide $250 million every year for five years, according to the city. But, interest would also cost the city an estimated $2.4 billion over 37 years; it could be paid, in part, with an estimated $2.2 billion in recouped tax revenue from expiring TIF districts.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
Why is Chicago paying private homeowners to do renovations?
When TIFs expire the taxing districts affected are supposed to have the lost money returned to the respective districts, not usurped for other reasons. Those districts/bodies have given up much-needed revenue for 23 or more years. They consented to TIF with the understanding that they would be made whole upon its expiration and start receiving their share of all taxes collected in the TIF going forward. This borrowing/repayment scenario is just another way of disguising and perpetuating never-ending TIFs in a word salad.
About 1.25 million will make it to actually housing while the rest will go into “administrative costs.”
Why don’t they don’t they do the first part, end the TIFs and pay down debt but not the second part, squandering it on more failed leftist programs? At least the first part makes sense.
Well, if BJ can borrow $1.25 billion directly from JB I’m all for it.
If this new tax allocation/ borrowing scheme for affordable housing is passed why pass BCH transfer tax ?
Who would control how funds are spent, alderman or mayor? Same unanswered question with BCH transfer tax