Emanuel wants TIF subsidies tied to job creation
Updated: January 30, 2012 2:47PM
CHICAGO - Developers who get tax-increment-financing (TIF) subsidies would face random audits to make certain they’re delivering the jobs they promised — and those assessments would be posted on the Internet — thanks to a long-awaited overhaul proposed Monday by Mayor Rahm Emanuel.
Four months after a panel of experts gave him a blueprint to rein in TIF spending, Emanuel moved to implement those reforms in a way that could hold developers’ feet to the fire.
For the first time,
the city will hire independent auditors to randomly evaluate whether developers are honoring the lofty job promises they make in exchange for city subsidies.
Those who fall short will face “enforcement,” the mayor said, without spelling out what those consequences will be.
More Here:
http://www.suntimes.com/news/politic...-creation.html
- - - - - - - - - - - -
I haven't had a chance to delve into the details, but it's good to see the Mayor putting a serious effort into TIF reform.