-- Connecting the dots between our economy, government and business --
State Sen. Ann Gillespie, a Democrat from Arlington Heights, is sponsoring a bill that would limit the amount of time that TIFs could be extended to two years past their normal 23-year term. “I understand the economic development that TIFs can bring,” Gillespie said, “but there is abuse with TIFs. It results in taxpayers having to pay a disproportionate share, particularly in latter years, because millions of dollars are going into the TIF.”
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The truth is that TIFs are apolitical rather economic tool, just stop this corruption.
Arlington Heights, you’re on the way to becoming Pontiac, Michigan’s sister city!