the tifs of the 10th ward

January 20, 2015Tom Tresser

312-804-3230 – tom@civiclab.us

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What are TIFs?

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What are TIFs?

• Created by municipality (state

statute)

• Boundaries cross political and

community boundaries

• Designed to subsidize some

business project in “blighted” or

under-served area

• Captures “incremental” property

taxes ABOVE base when district

was created

• Lasts 23 years – LONG after we’re

gone…

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How Do TIFs Work?When the TIF is created,

the city tallies up all the

property taxes

generated by district in

that year (called the

"base" amount). After

that, all property tax

increases above the

base (the "increment")

are channeled to the TIF

district.

The property taxes

collected from

properties inside the

district BEFORE the

district was created

that go to units of

government stays

FLAT for the life of the

TIF (23 years).

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Money From TIFs Taken From?

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What are TIFs?

Under state law, areas proposed for TIF designation

must possess numerous blighting factors to be

eligible:

• Age

• Obsolescence

• Code violations

• Excessive vacancies

• Overcrowding of facilities

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TIFs Used to support commercial projects in these “Blighted” Areas

40 S. Halsted

Apple Store

TIF $

9Better Government Association

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Mr. TIF

To sum up:

TIFs = property taxes

Increment $ collected by TIF

Run by city

Lasts 23 years

Blight & “But for” conditions

Hard to track

BIG deal in Chicago & Illinois

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What are TIFs doing to us?

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If you would like the full presentation deck with the

particulars of the 10th ward we ask you to visit the

TIF Data Store at http://www.tifreports.com/store

where you can download ALL our presentations for

the measly sum of $2.50. We are all volunteers at

the CivicLab but do have serious monthly bills to

pay.

Thanks!

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www.civiclab.us

www.tifreports.com