City Gets to Work Moving York/Vallette and Riverside Drive TIFs Forward
North York TIF could be approved as early as Aug. 20; revenue sharing plan with District 205 still hasn't been worked out.
City officials on Monday continued their efforts to double the number of tax increment financing districts in Elmhurst from three to six. For several months, of the three proposed new TIFs, the focus has been squarely on the North York Street TIF. But on Monday, the Development, Planning and Zoning Committee turned its gaze back to the other two, taking the next steps toward establishing TIF districts at York and Vallette, and along Riverside Drive. TIF districts freeze assessed property values for local taxing bodies for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate new revenue through new construction in the TIF district, or if the township assessor increases the assessed value of the properties in…
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Dan
8:00 am on Thursday, July 12, 2012
You are right on the money about Mayor Daley. Siphoning the incremental increases from the taxing bodies from where they should be going and instead placing them under control of the city is a huge money-power grab by the city. In part why do you think Illinois pensions are in crisis? Money was directed away from fully funding the pension system and instead used by politicians to fund pet … more ›