
"YOUR AD HERE" is how the Chicago Sun-Times caught reader's attention for this Bank of America ad on the Wabash Avenue Bridge monument.
Yesterday, I suggested that maybe the Crystal Lake City Council could recoup some of the $64,000 it spent of our money on four stone monuments telling people they were on Virginia Street.
I say “our” money because the $16,000 apiece pillars were financed with Tax Increment Financing District bonds.
These are bonds to be paid back by taxing any increase in the assessed valuation in the TIF District.
Those dollars that are lost by overlapping tax districts are then extracted from the pockets of other property taxpayers when their tax districts raise their tax rates.
Quite convoluted, I’ll admit.
It’s so hard to understand that Mayor Aaron Shepley contended that no one’s taxes would go up when the Council was considering the Vulcan Lakes-Route 14 TIF.
How no taxes would go up when an over $20,000 million project was going to be borrowed and paid back over 23 years was beyond this economics’ major’s imagination.
But, you can understand that city council members, aldermen and village trustees consider this “free money”–tax money to ve extracted for which they cannot be help responsible…because the process of picking people’s pockets is so indirect.
In any event, Chicago has decided to sell advertising on its bridge monuments.

After advancing the possibility on its front page last week, the Chicago Tribune printed a photo of the Bank of America ad on the Chicago River's Wabash Avenue Bridge monument on its front page Tuesday. "Desperate times?" asks the photo caption.
On Tuesday both the Chicago Sun-Times and the Chicago Tribune published photos of an ad bought by the Bank of America on the Chicago River Bridge monument.
If Chicago can do it, why can’t Crystal Lake?