Chicago’s Democratic legislators want to use the city’s extra tax increment financing money to help Chicago Public Schools.
And as the governor threatens the district with bankruptcy, a North Side alderman suggested a second property tax hike is needed, in addition to the $588 million just enacted.
A swath of Democratic representatives joined Majority Leader Barbara Flynn Currie on Thursday morning in asking that the extra TIF money — an estimated $150 million to $350 million — go toward helping CPS plug its $480 million budget hole.It gets better. The City's budget director say they've already been doing that to the tune of $700 million since 2011, including $113 million this year alone. Virtually every newer skyscraper in downtown Chicago is located within a TIF district, which is the same problem we have here in Indianapolis. Incredibly, they're already talking about another property tax increase in Chicago on top of the more than half billion dollar tax increase they just passed.