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Mayor Emanuel Reforms Development Incentives

CHICAGO-The tax increment financing process will be tracked by an online database, will be subject to an assessment report and will be monitored by the city’s Department of Revenue.

By Robert Carr | Updated on January 30, 2012

CHICAGO-Though corruption and Chicago have never been strangers, the tax increment financing system in the city has encouraged both praise for providing development and jobs, and criticism for taking away tax dollars from needy neighborhoods to fund favorite alderman-sponsored projects. Mayor Rahm Emanuel announced new oversight to the city’s more than 100 TIF districts Monday, promising tools and supervision of the program.

Emanuel said city staff have been unable to adequately track data regarding the districts, and have therefore had a poor picture of how taxpayer dollars are spent. US Rep. Mike Quigley said in a statement that that it’s important to improve transparency and accountability on the “murky” Chicago TIF system. “I’ve been sounding the alarm on TIF’s for a decade now,” Quigley said. “Chicago taxpayers deserve to get what they pay for.”

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