McHenry County Blog was started in reaction to the City of Crystal Lake’s announcement that it would be creating a Tax Increment Financing District to finance development of the Vulcan Gravel Pit.
With the subsequent recession, that plan went askew and the city sales tax was raised 75%.
During the debate over the TIF district’s formation, a flyer was distributed widely by Jim Young that warned that the diversion would cause the property taxes of everyone owning property outside the gravel pit and businesses along Route 14 to increase to compensate for the loss.
The City Council passed the TIF district ordinance, despite strong opposition from Grade School District 47. The district did win some concessions, however, as a result of Supt. Ron Miller’s campaign.
Now a study has been released about TIF districts in Chicago. This Chicago Sun-Times story tells of Good Jobs First study.