Bill Would Require Disclosure Of TIF Fund Use;
Tax Increment Financing Districts Are Intended To Aid Blighted Areas, But Use
Of Funds Is Not Fully Disclosed
CBS 2 Chicago
February 9, 2008
Under legislation proposed by State Rep. John Fritchey
(D-Chicago), Cook County taxpayers would be given information with their
tax bills about how their taxes are impacted by the numerous existing
tax increment financing (TIF) districts.
Fritchey's announcement Friday came just days after thousands of homeowners
received their latest property tax bills in the mail.
House Bill 4815 would require that taxpayers be given information about
the stated purpose of the various TIF districts and the impact of the
TIF districts upon their property tax bills, according to a release from
Fritchey's office. Fritchey's efforts are similar to earlier ones pursued
at the county level by Cook County Commissioner Mike Quigley.
Fritchey said "its' almost impossible to craft a real and workable
solution [to the property tax situation] without knowing all the facts,
and the impact of TIFs on our tax bills are a huge part of that equation.
I supported Commissioner Quigley's earlier efforts, but if his collegaues
are not going to take action, I want to see if mine will."
Fritchey added, "At a time when many homeowners are reeling from
skyrocketing property taxes, and money is tight for so many families,
people should absolutely be able to know how and where the over $400
million collected by TIFs is being spent."
Fritchey says he is not necessarily anti-TIF, but he says that while
many TIFs have been valuable tools in jump-starting development in blighted
areas, the lack of full disclosure makes it difficult to properly judge
the overall use of TIF dollars.
"Just like anything else, if a TIF, and the use of the dollars
created by it, makes sense, it should be able to withstand some sunlight," Fritchey
said.
Copyright 2007, Sun-Times News Wire
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