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Millennium City: Richard M. Daley & Global ChicagoMain MenuChicago in 1989Richard M. DaleyA Livable CityDiversity and NeighborhoodsGlobal ChicagoInto the MillenniumAboutComplete Interviews and TranscriptsBiographies of and links to each full-lenth interview and corresponding transcript.Larissa Mukundwa0c6cb03c337751b5774fa39d09352cf04aec006eDan Harpereff3db32ed95b3efe91d381826e2c10c145cd452University of Illinois at Chicago Library
How Tax Increment Financing works
1media/EXH_RMD16_03_0311_0008_007i_thumb.jpg2020-03-06T21:17:00-06:00Anonymous55A graphic explains how Tax Increment Financing works, part of a "Proposed Industrial Redevelopment Project Areas Tax Increment Financing Program" packet, created by Chicago's Department of Planning and Development, circa 2000. EXHRMD_RMD16_03_0311_0008_007iplain2020-07-01T16:23:21-05:00RMD16_03_0311_0008_007i2000Dan Harpereff3db32ed95b3efe91d381826e2c10c145cd452
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1media/EXH_RMD16_03_0311_0008_007i.jpg2020-01-06T19:12:59-06:00FOCUS ON: Tax Increment Financing62Mayor Daley used tax increment financing to develop neighborhoods.plain2020-07-06T15:27:55-05:00
To encourage development in some neighborhoods, Mayor Daley used Tax Increment Financing, or "TIFs." A TIF program meant that the city government designated some areas in need of economic support, called “TIF districts.” The city then temporarily set aside incremental increases from property tax revenue in that district and used the resulting funds to encourage development there.
Mayor Daley on TIFs and neighborhoods:
TIF districts work. They allow the city to attract and retain jobs, improve neighborhoods, restore historic buildings, clean up contaminated land and provide job training and affordable housing--all without raising local property taxes.
Tax Increment Financing was controversial. Helen Shiller supported some TIFs and opposed others while she was 46th ward alderman (1987-2011). She explains her views: img: [Image of TIF event? Possibly image of Shiller with RMD at Target opening?: from CD-ROM: 7-49-91 or 7-49-92. Reference contact sheet from box 7-549, f. 29: especially following images: 178_target_072010.jpg [RMD, Alderman Helen Shiller, and others prepare to cut ribbon to celebrate the opening of Target in Uptown]; 214_target_072010.jpg [RMD and Alderman Helen Shiller in front of a poster board [probably a board that explains the tif used to create the Target….hopefully the poster's message/text will be clearer]]]
