Mayor Rahm Emanuel proposed a plan that would save $250 million for schools and city operations at the cost of one of the city's most powerful funding mechanisms.
"Mayor Rahm Emanuel plans to freeze new spending in seven downtown tax increment financing (TIF) districts — and shut those districts down when existing projects are paid off — under a reform policy tailor-made to return hundreds of millions of dollars in sorely needed revenue to government coffers," report Fran Spielman.
The decision would send about $250 million to the city over five years, which would be divvied up between Chicago Public Schools, the city government, and a rainy infrastructure fund. TIF districts are a constant source of controversy in Chicago—pitting political leaders and developers against Chicago Public Schools.
The article by Spielman provides a lot more background on the politics and history of TIFs in Chicago. Greg Hinz also penned an op-ed in response to the plan, calling the idea "beyond risky."
FULL STORY: Chicago to get $250 million as Emanuel winds down 7 downtown TIF districts
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