Showing posts with label Southtown TIF. Show all posts
Showing posts with label Southtown TIF. Show all posts

Friday, January 20, 2012

Note to the inner city: The COP does not care about you

The School District shuts down schools because they "can't afford to keep them open" and inner city neighborhoods are ripped apart. The Park District closes down inner city YMCA/YWCA, limiting places where inner city children can play, thereby leaving children to make do on the streets. 

In the meantime, the COP is creating TIF Districts specifically for private developers and as soon as the TIF reaches maturity, giving payouts to private developers, rather than returning the monies back to the Districts. 

The Southtown TIF district, which was created in 1978, currently has a $4.6 million balance and will expire next year. The TIF-generated payouts SHOULD go back to taxing districts such as the School District and the Park District. Instead the COP has decided that a private developer is entitled to three-quarters of the payout. In addition, the Southtown TIF could also be tapped to pay for ongoing work in the Warehouse District. 
 “…in 2010, $3.5 million in property tax revenues that would otherwise have gone to District 150 was redirected to City Hall for projects within the TIF districts.
David Kinney, the comptroller and treasurer of District 150

Does this sound like a City that cares about inner city children and the neighborhoods in which they live?  Not to me.