Sidebar: Tax Increment Financing
To encourage development in some neighborhoods, Mayor Daley used Tax Increment Financing, or "TIFs." A TIF program meant that the city government designated some areas in need of economic support, called “TIF districts.” The city then temporarily set aside incremental increases from property tax revenue in that district and used the resulting funds to encourage development there.
Mayor Daley on TIFs and neighborhoods:
TIF districts work. They allow the city to attract and retain jobs, improve neighborhoods, restore historic buildings, clean up contaminated land and provide job training and affordable housing--all without raising local property taxes.
Tax Increment Financing was controversial. Helen Shiller supported some TIFs and opposed others while she was 46th ward alderman (1987-2011). She explains her views:
img: [Image of TIF event? Possibly image of Shiller with RMD at Target opening?: from CD-ROM: 7-49-91 or 7-49-92. Reference contact sheet from box 7-549, f. 29: especially following images: 178_target_072010.jpg [RMD, Alderman Helen Shiller, and others prepare to cut ribbon to celebrate the opening of Target in Uptown]; 214_target_072010.jpg [RMD and Alderman Helen Shiller in front of a poster board [probably a board that explains the tif used to create the Target….hopefully the poster's message/text will be clearer]]]