Wednesday, September 24, 2008

Daley letting huge Loop TIF die

Source: Crain's Chicago Business

City Hall is putting a lid on Mayor Richard M. Daley’s favorite honey pot.

Facing apparent opposition from Gov. Rod Blagojevich, the Daley administration is abandoning efforts to extend the legal life of the massive Central Loop tax increment financing district, which covers a wide swath of Chicago’s commercial heart.

The decision means the district automatically will sunset on Dec. 31 — and it means that the more than $111 million it has been throwing off each year for development projects instead will return to the regular property tax pool.

Click for Full Story

No comments: