In Saturday’s Chicago Sun-Times is an article about Chicago Alderman Bob Fioretti’s mayoral campaign.
It says he wants to use $25 million in Tax Increment Financing money
“to bankroll a summer jobs program and using everything else that’s not committed to specific projects or debt to convert at least some of the 50 schools closed by Mayor Rahm Emanuel into ‘community centers that drive economic development.”
That gives you some idea of the latitude that municipal officials think they can use TIF money for.
TIF money was even called “Monopoly money” by a Huntley Village Trustee in the discussion of whether to use it to bury utility lines in an alley next to the Square.
The Crystal Lake City Council had about a million dollars left over after doing everything anyone could imagine.
Instead of giving it back to taxpayers, the Council voted to bury utility lines on East Crystal Lake Avenue.
And, who can forget the $64,000 spent on pillars built on the edges of the Virginia Street Tax Increment Financing District?