Fall 1998

The issue with TIFs (Tax Increment Financing districts) is the evaluation of the public policy issues they raise.  What overall impact does it have on the city?  And, overall, what impact does it have on affordability?  What is its impact on the other taxing bodies, especially the schools?

So if you're going to look at a TIF, you have to look at the area and the specifics of the impact on the schools.

For instance, there are two TIFs that are being discussed for different, actually adjoining segments of Uptown.  One of them crosses ward boundaries, and they were looking at trying to create the TIF in just the adjoining (48th) ward.  This is the area near Broadway and Lawrence where they want to do an entertainment district.  There are existing entertainment venues, the two largest of which are in the 46th Ward, so they have to deal with my ward as well.

The other TIF I want to talk about first is called the Wilson Yard.  It's the area from Montrose to Wilson under the el tracks.  There was a big bus barn there that burned a year and a half ago, and there's a huge amount of space.  There are many people salivating at the idea of developing this because ti's been completely public land.  We're speaking of a piece of land that is quite large and has no taxes on it.  And the minute they TIF it (create the TIF district), the entire increment will stay right there.  That's lots of money.  It's valuable, but it has never been taxed and assessed before because it is owned by the CTA.

I met with the CTA, Truman College, the City's Department of Planning and UPCORP, the local development group.  I told them, "I'll tell you my bottom line and we'll see where we can go.  I want money to go back to the Board of Education.  I want money to go into preserving affordable housing.  I want money to go to the previously planned relocation and rehabilitation of the Wilson el station. (Work there began in 1990 and 1991, but it was suddenly stopped so the remaining fund could be given to complete the Green Line renovation.)  I want to insure continued parking resources for Truman College.  And I want a community-driven planning process."  And they said, "No problem."