Three major labor unions in Chicago want Mayor Rahm Emanuel to end ‘toxic’ interest-rate swaps with banks — deals they say cost the city and the public school district more than $100 million each year.
Residents of Chicago's 23rd Ward raised concerns about the city's tax increment financing (TIF) program after learning Wednesday evening that millions in economic development funds have yet to be spent in their community.
At the CivicLab's TIF town hall meeting at John F. Kennedy High School, Southwest Side community members learned that the six TIF districts located in the 23rd Ward had about $16.6 million sitting in their collective bank accounts at the end of 2013. Last year alone, the ward's TIF districts collected nearly $2.3 million in property tax revenue, according to the CivicLab's analysis.
Business owner and Southwest Side resident Martin Arteaga, who is running for alderman in the 23rd Ward, attended the meeting.
"There needs to be a lot more clarity and transparency as to where this TIF money is going," he told Progress Illinois. "Here in the 23rd Ward, particularly in the Midway Airport area along Cicero Avenue, you have a bunch of empty lots. We could use some of that money to redevelop that area and actually be able to expand our tax base, because we have thousands of people who pass through going to Midway Airport.