In 2007 alone, the City of Chicago collected more than $550 million from its TIF Districts. The idea of TIF districts is to use future gains in taxes to pay for improvements to designated areas. Two Chicago aldermen are proposing the city make the whole TIF system more transparent by posting information online for all to see.
The ordinance will come up at the council meeting next Monday. Scott Waguespack is the alderman of the 32nd Ward and one of the authors of the proposal.
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