Nearly a third of property tax revenue in Chicago is diverted into 143 TIF districts – ROB THE POOR TO MAKE THE RICH RICHER?

by Thinker

A More Likely Reason Rahm Emanuel Dropped Out: The Chicago Time Bomb

We may never know why Rahm Emanuel decided to drop out of the Chicago mayoral race. But the media is certainly giving him a pass. They say he simply dropped out for fear of losing. But there’s a far more likely reason than that. Emanuel is smart, and the smart reason for leaving is glaring: He doesn’t want to risk becoming “mayor bankruptcy.” Chicago is a ticking time bomb and Emanuel is jumping ship just in case it goes off. Don’t dismiss that scenario too quickly. Despite his lofty intentions when he first took office, Emanuel has failed miserably to reform the city’s finances. Now the risk of insolvency is rising.

Chicago’s financials are dire and the city has no plan and no reserves to survive an inevitable recession. In fact, the city has barely kept its head above the water despite a decade of national economic growth. Chicago Public Schools was already at the brink of bankruptcy just one year ago. Rahm knows the risks of collapse are rising. He’s passed property tax hikes, emptied the reserves and employed every budget trick he can to make the numbers “better.” He’s even sold off public assets – the city’s future sales tax revenues – to “shore up” the city’s finances, and yet Chicago is still junk rated by Moody’s.

CPS is in even deeper:
www.zerohedge.com/news/2018-09-1…-time-bomb

THE ACTIONS OF YOUR LEADERS ARE SHOWING THE PEOPLE WHERE THEIR TRUE CONCERNS WERE WHEN THEY SOUGHT THE GOVERNMENT JOB. LIARS AND CHEATERS HAVE BEEN WINNING, ONLY DIFFERENCE BETWEEN NOW AND BEFORE, IS PEOPLE ARE TALKING ABOUT IT. TIME TO REAP WHAT YOU SOW…WHAT IS YOUR GARDEN GROWING???

Nearly a third of property tax revenue in Chicago is diverted into 143 TIF districts – ROB THE POOR TO MAKE THE RICH RICHER???

Tax increment financing, or TIF, districts in Cook County generated a record $1 billion in 2017, up nearly 18 percent from 2016, according to the Cook County clerk. Chicago accounted for most of these gains by generating $660 million, an 18 percent increase from 2016. As long as these TIF districts exist, however, struggling school districts in those districts won’t see a dime of this revenue. This comes at a time when Cook County and Chicago face budget shortfalls up to $95 million and $812 million, respectively, by 2020.

In theory, TIFs are a mechanism used to revitalize “blighted” neighborhoods by providing economic incentives for developers to invest in the area. TIFs freeze the Equalized Assessment Value, or EAV, of all properties in a designated TIF district and divert all property tax revenue above that EAV into a private TIF fund. The amount of property tax revenue collected by individual taxing bodies within a TIF district – school districts, libraries, et cetera – is effectively capped at the frozen EAV.

In Chicago:
www.illinoispolicy.org/nearly-a-…districts/

Another Distinct Possibility…Rahm Is Running Because He Is Targeted In The Coming Purge Of The Deep State Criminals…
www.rumormillnews.com/cgi-bin/for…ead=107097

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