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.
2 Comments
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Pat S.
2 years ago

No, thank you.

Don’t know who/what entities will purchase ANY Chicago or Illinois bonds.

Riverbender
2 years ago

So they spent the TIF money. and now look to find another piggy bank to rob to pay for the goodies in lives. Probably no one ever mentioned that loans have to be paid back though but in the true Illinois thought process those loans are for someone else to pay back. After all, in Illinois, everything is free isn’t it?

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