Last night I was lucky to attend the candidates’ night hosted by the DeKalb Area Rental Association. Candidates running for DeKalb mayor and aldermen participated. Some performances I liked real well, others I didn’t. Later, I realized the people who impressed me the least were the ones promising regular town hall meetings, ward coffee sessions,…
Category: TIF
DeKalb TIF Absurdity
Wow, today’s Chronicle article about TIF seems very one-sided and in need of additional viewpoints. That’s what blogs are for! Let’s start with the statement about Sycamore Road. DeKalb’s districts helped revitalize Sycamore Road with the additions of Target, Walmart and major shopping corridors. Revitalize? Do they think Sycamore Road was full of slums? It…
Pensions & TIF in DeKalb
Except in the case of the Tax Increment Financing (TIF) districts, DeKalb’s property taxes go toward pensions and FICA almost exclusively, and its share of your annual property tax bill is about 7%. Using these facts along with TIF revenue data, I set out to estimate how much city property tax flows into TIF funds…
First Reading of Housing Ordinance Changes Comes Tomorrow
The agenda for tomorrow’s city council meetings is here. Now, it finally becomes apparent* that the $6 million they’ve got stockpiled in the TIF 2 fund is mostly going to go into the Municipal Building. Of course, the use of TIF money for this purpose will bring in all kinds of new private development and…
Olive Garden Will Automatically Cost My Family $68.34 If It Opens in DeKalb
Between the TIF corporate welfare and a new parking lot for NIU, the City of DeKalb will be paying out somewhere in the neighborhood of $1 million to put Olive Garden on oh-so-blighted Sycamore Road if the deal the city council voted for last night is finalized to the satisfaction of all parties. Assuming the…
Arguments Against New TIF Districts in DeKalb
Because somebody’s got to do it. Here are the general reasons DeKalb should not open up any new Tax Increment Financing Districts at this time. Pensions. DeKalb’s property tax levy is applied only toward pension costs, and pension costs have been accelerating. Every penny that gets swallowed by the increment has to be made up…
Land Swap is No Mystery: Here Comes TIF
A few days ago I was having an email conversation with a friend, who asked me what I thought of the school district’s proposed land swap deal that would put developer Shodeen next to Huntley Middle School. Here is how I responded, in part: At this point I am suspicious that a South Fourth TIF…
Licensing & Inspection Program Could Help Turn a TIF Blueprint into Reality
The Daily Chronicle lays out today the arguments for and against licensing and inspection of rental properties. There are four proposed laws before the council, but it’s the issue of licensing that has garnered the most attention and debate from aldermen, city officials, and landlords. City Manager Mark Biernacki has previously described it as being…
DeKalb’s TIF District 2
Tax Increment Financing (TIF) District 2 is described in city budget narratives as running south of the downtown but north of Taylor Street. Annual TIF 2 expenditures generally include: $250-300,000 in economic incentives to Target rehab, repairs and/or improvements to Barb City Manor and the Municipal Building about $150,000 in transfers to the General Fund…
A Look at the Central Area TIF Funds
Yesterday there was a lot of news coverage about Chicago’s forecast inability to finish its planned Tax Increment Financing (TIF) projects now that property tax revenues are down. Coincidentally, I’ve been peering at DeKalb TIF funds recently, looking for the same kind of trouble. Fund 63 is the DeKalb TIF fund that pays for development…