South Side residents were shocked to learn at a Thursday night community meeting that the six active tax increment financing (TIF) districts in Chicago’s 21st Ward had more than $1.6 million sitting in their collective bank accounts at the end of 2013.
The Chicago-based CivicLab revealed that TIF finding and relevant information at a meeting held at the Carter G. Woodson Regional Library in Roseland.
The $1.6 million in unspent funds would have otherwise been dispersed among the local units of government that rely on property tax revenue, including the school and park districts, were it not for the city’s controversial TIF program, which is intended to spur economic development in “blighted” areas.
The non-profit CivicLab launched its TIF Illumination Project, which highlights how the city’s TIF program works at the ward level, back in February 2013. The group has held 30 community TIF meetings thus far.
Many South Siders at the meeting said they were unaware of the private projects that got TIF money in the 21st Ward, including a Home Depot and the Chatham Market shopping center that received a $32 million TIF subsidy.
“I think a lot of people have been getting a raw deal,” Leatha Patton, a 21st Ward resident of more than 42 years, told Progress Illinois after the event. “These are things that the alderman should make you aware of. We should know how it works, and who gets what.”