Suffredin- An Advocate for All of Us  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
  Last year more people used the County's forest preserves than visited Yellowstone National Park.
   
     
     
     



Cook County TIFs generate $1.2 billion
The $1.2 billion generated by the 441 TIFs in the county is a record.

Thursday, August 01, 2019
Chicago Sun-Times
by Rachel Hinton

Cook County tax increment financing districts will bring in a record $1.2 billion for the 2018 tax year, according to a report released Wednesday by Cook County Clerk Karen Yarbrough.

A reassessment of Chicago properties is largely the reason the city’s 138 TIF districts generated about $841 million in tax revenue, an $181 million increase from last year.

The reassessment contributed to a 12.5% bump in in equalized assessed value, which factored into the 27.4% increase in revenue for the city’s TIF districts.

Tax increment financing districts are used by municipalities to spur economic development in a specific area. Taxes collected on the increase in the property values in the district are used to pay for infrastructure or pay off bonds used to make improvements.

The $1.2 billion is the amount of taxes collected on the increase in the property value of all the TIF districts.

The Red and Purple Line modernization transit TIF generated roughly $116 million, making it the highest grossing TIF and accounting for the majority of the city’s TIF revenue. Many of the districts with the highest revenue are in or around the Loop.

Mayor Lori Lightfoot’s administration said the city is evaluating the TIF report as they begin to balance the city’s books.

“As has been done in years past, we are looking at the full extent of our obligations and evaluating how much is available, and how these funds could be applied to balance several key priorities for the city, which include addressing significant capital needs, reconciling an upcoming deficit in 2020, and ensuring we are maximizing the use of funds to support the continued growth of our schools and neighborhoods,” the mayor’s office said in statement Wednesday.

Former Mayor Rahm Emanuel has used TIF surpluses to supplement the city’s budget. He avoided a Chicago Teachers Union strike in 2016 after using $87.5 million of surplus TIF money to pay for raises in the contract.

The county’s 303 active TIFs span 99 suburban municipalities and are expected to generate about $339 million in tax revenue, a $5 million drop from last year. The report attributes that small decline — about 1.62% — to a slight drop in assessed values of properties.

Yarbrough said she intends to try to continue the work of her predecessor, David Orr, on making sure there’s transparency around the tax financing districts.

“I think [companies and municipalities] use it like a piggy bank,” Yarbrough said about dollars from the financing districts. “If they know the money’s there and they may use it for any number of things. So those of you who live somewhere where there’s a TIF, or if you live in a TIF, you should pay attention to your village fathers and mothers on how the money’s being used.”

Contributing



Recent Headlines

County watchdog: Police sergeant violated sexual harassment policy, employee misused time off for Jamaican vacation
Tuesday, October 15, 2019
Chicago Sun-Times

What I learn when I have lunch at Cook County Jail
Monday, October 14, 2019
Chicago Sun-Times

County officials say pension board’s proposed fix would cost an extra $267 million
Monday, October 14, 2019
Crain's Chicago Business

Trump policy targeting immigrants who use safety net services blocked by federal court in Illinois
Monday, October 14, 2019
Chicago Sun-Times

Cook County Board President Toni Preckwinkle Unveils FY2020 Executive Budget Recommendation
Monday, October 14, 2019
Chicago Defender

Criminal justice reformers are making the case to end cash bail in Illinois
Sunday, October 13, 2019
Chicago Sun-Times

Expungements, tax appeals will cause hiring spree as overall Cook County jobs decline
Thursday, October 10, 2019
Daily Herald

Cost to Cook County to clear pot records: $700,000
Thursday, October 10, 2019
Crain's Chicago Business

No New Taxes in Cook County Budget
Thursday, October 10, 2019
WTTW News

Inside the 2020 county budget Preckwinkle unveils today
Thursday, October 10, 2019
Crain's Chicago Business

League of Women Voters of Illinois Executive Director appointed as Chair of the Cook County Commission on Women’s Issues
Thursday, October 10, 2019
Chicago Defender

No layoffs or tax hikes in Preckwinkle’s $6.1B county budget — but also no pot revenue or gambling jackpot
Wednesday, October 09, 2019
Chicago Sun-Times

Graduate Hotel coming to Evanston
Tuesday, October 08, 2019
Crain's Chicago Business

Promising no tax hikes, Preckwinkle angles for no-drama 2020 county budget
Tuesday, October 08, 2019
The Daily Line

Metra revs up capital spending wishlist amid ‘unprecedented’ gush of state funding
Tuesday, October 08, 2019
The Daily Line

North-suburban assessments could mean for break homeowners, ‘straight-up terror’ for commercial owners
Monday, October 07, 2019

Federal monitor: Kaegi not on ‘effective path’ to end oversight of assessor’s office hiring
Monday, October 07, 2019
Chicago Sun-Times

Lightfoot, Preckwinkle Clash Over Metra Electric Proposal
Wednesday, October 02, 2019
WTTW News

With census worries looming, Chicago and Cook County beef up counting efforts
Tuesday, October 01, 2019
Crain's Chicago Business

Cook County Jail Inmates Have Been Escaping From Restraints, Using Them As Weapons On Transport Buses
Tuesday, October 01, 2019
CBS Chicago

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP