Steve Boulton has an excellent article explaining TIFs (Tax Increment Financing districts) and the corrupt implementation of TIF funds.
“While in concept the TIF funds are to be spent on neighborhood redevelopment for economic expansion, in reality the Mayor can spent the money as he will. The Mayor needs no approval to spend, reports to no one, and has no oversight by the City Council, the County, the State or anyone else… Just think of what kind of chicanery can arise from a $1 billion Mayoral treasure chest, all at the expense of taxpayers.”
“Today, Chicago’s Inspector General released a report today on two of the largest TIFS, the Central Loop TIF District and the Central West TIF District. He reports that Chicago tax payers have lost over $1.2 million through incompetence, deceptive billing practices by insider City contractors, unlawful expenditures, and sheer politics. That’s from just two districts. Gee, only 157 more to go!”