.png){kind=small}
TIF Expansion Proposal
- Deztinee Geiger
- May 25, 2024
- 1 min read
What is a TIF?
Tax Increment Financing (TIF) is a financial tool used by the government to fund development in "blighted" areas by diverting property taxes into a TIF fund.
TIF Expansion Proposal:
The Pilsen Neighborhood is part of a TIF (Tax Increment Financing) District (purple area) This particular TIF district originated in 1998. While it was set to expire in 2022, it was renewed for an additional 12 years. It will expire in 2034.
Essentially, a TIF already exists and deserves to be used in a way that addresses the current community concerns rather than expanding (yellow area). TIF rely on future gains in property values to raise revenue. This Pilsen TIF Expansion is projected to raise close to $1 billion dollars from our property taxes.
Key Concerns:
Rise in Property Taxes
Increase displacement and gentrification
Takes property tax dollars from schools, parks, and more
Learn More:
If you are concerned about how the TIF Expansion might affect you, please (1) sign the online petition, (2) Call the Alderman's Office 773-523-4100 (3) attend the community meeting on Saturday, September 7th @9:00am at Benito Juarez Community Academy.
Reading: