November 26, 2012
On November 26, 2012, the IGO released a follow-up report to its October 2011 review of Tax Increment Financing (TIF) Public Benefits Clauses and Charitable Donations. The follow-up report has two major findings. First, it describes 10 additional previously undisclosed public benefits clauses. Second, it details the City’s actions in response to the IGO’s 2011 … [Read More...]
June 16, 2012
The IGO has published a follow-up report to its 2010 TIF Audit. Download and read it via the link on the right.
April 4, 2012
For a printer-friendly version of this analysis, click here. The Inspector General’s Office has conducted an analysis of property taxes billed to property owners in Special Service Area (SSA) taxing districts that overlap with Tax Increment Financing (TIF) districts.[1] The analysis found that over 80% of SSAs overlapped with TIF districts in 2010 and 2011 … [Read More...]
October 4, 2011
The City of Chicago Office of Inspector General (IGO) today released a review of TIF Public Benefits Clauses and Charitable Donations. Private charitable entities are sometimes named as beneficiaries in Tax Increment Financing (TIF) redevelopment agreements (RDAs) through the inclusion of “public benefits” clauses. Public benefits clauses are terms in TIF RDAs (as well as … [Read More...]
September 29, 2011
The City of Chicago’s Small Business Improvement Fund (SBIF) is a program which reimburses recipients for eligible improvements to buildings. Since 2000, the SBIF program has funded over $28 million in grants to over 600 applicants. SBIF is funded by Tax Increment Financing (TIF) revenues and administered by SomerCor 504, a non-profit development firm. SBIF … [Read More...]
July 25, 2011
Today, the City of Chicago Office of Inspector General (IGO) released a review of World Business Chicago’s (WBC) involvement in the City’s approval of Tax Increment Financing (TIF) proposals. The IGO report found that WBC staff advocated for the approval of significant TIF subsidies for two major corporations–CME Group and United Air Lines–despite the fact … [Read More...]
May 12, 2011
While the City places minority and women-owned business enterprise (MWBE) requirements on contracts administered by the Department of Procurement Services (DPS), it also puts these requirements on construction projects that receive support from the Department of Housing and Economic Development. This support often takes the form of Tax Increment Financing (TIF) subsidies, but also may … [Read More...]
June 29, 2010
The Chicago Inspector General’s Office (IGO) released a report today, detailing an audit of processes and procedures related to Tax Increment Financing (TIF) expenditures for the Central Loop and Central West TIF districts. The IGO’s purpose was to test and evaluate activities performed to ensure effective and efficient operations, compliance with policies and procedures, and … [Read More...]
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