TIF Informational Meetings

Several block clubs and groups have graciously offered to open the presentation portion of their meetings to all, so you may choose to steer your members, or other interested parties, to one of these meetings:

June 7, 7:00
Host: EDC/ECC
6044 N. Broadway

June 12, 6:00–7:15
North Lakeside Cultural Center
6215 N. Sheridan Rd.

June 12, 7:30 (CAPs meeting depending)–8:30
Host: TAHBS
Church of the Atonement
5739 N. Kenmore

June 13, 7:00
Host: ETNA
Edgewater Baptist Church
1401 W. Hollywood

June 14, 7:00–8:00
Bezazian Library
1226 W. Ainslie

June 19, 7:00
ECC Board Meeting
6044 N. Broadway

June 20, 6:30–7:30
Host: MPBC
Margate Park Field House
4921 N. Marine Dr.

As other meetings are arranged, they will be posted on the web site.

New TIF Proposed for 48th Ward

One of Alderman Smith's priorities is to put in place the tools needed to move the community's agenda forward. Tax Increment Financing Districts, or TIFs, are an important part of that process.

TIFs are special districts created by the City Council at the request of local communities to help enhance economic development, preserve or create affordable housing and assist in small business development, historic preservation and job creation.

TIFs do not levy additional taxes or draw from sales taxes. Rather, they redistribute a portion of the property tax revenue. Without a TIF, all property taxes collected in any given area go into the general revenue pool. With a TIF, for 23 years all tax revenues over a predetermined base (the increment) collected in that area go into the TIF fund. This money becomes available for reinvestment within the TIF area.

For more about TIFs, please go to: www.masmith48.org/maptifs.html.

TIF as a tool:

TIFs are an essential part of our consistent, focused and appropriate approach to implementing community goals. Others include:

  • Using zoning to change the physical size and use of both residential and commercial areas. Examples of zoning changes the community has implemented include rezoning Broadway from B3 to B1 and the ETNA Block Club area from R4 to R3.
  • Community planning to guide development and change, e.g., the North and South Broadway Plans, the North Clark Street charette and the creation of historic districts on Bryn Mawr, in Lakewood-Balmoral and Uptown Square (Lawrence and Broadway).
  • Neighborhood control through our community process which includes review by the block clubs, community organizations and the 48th Ward Zoning and Planning Committee.

TIF Results

In the 48th Ward, TIFs were instrumental in:

  • The conversion of the Belle Shore and Bryn Mawr buildings (301 units) from slum housing to model affordable housing.
  • Improvements on Bryn Mawr including widening the sidewalks and streetscaping and assisting the properties that house Johnny Sprockets, Starbucks, Mia Francesca, Little Mexican Cafˇ and Chase Bank.
  • Historic restoration and redevelopment of the Goldblatt's building to include retail space and residential lofts, the Helig-Meyers building into the Gunnison Lofts and new restaurant and theatre space, the Leland Hotel as quality affordable housing and the Uptown Broadway Building (4703-15) as retail/commercial space.

Goals of New TIF:

Below are some of the projects being considered for the funds generated in the new TIF. Each reflects isses and concerns raised by neighbors. The order of the list, with the exception of Hollywood House which would be the first project completed with the TIF, does not indicate priority. Details are contingent on the community approval and participation process.

Click here to see the map of the areas included in the TIF.

Hollywood House: preserve 198 units of low-income senior housing.

Argyle Streetscape (subject to community review and approval): repair and improve infrastructure of key community business street.

Granville Streetscape (subject to community review and approval): repair and improve infrastructure of pedestrian/retail street.

Sheridan Road north of Hollywood: traffic calming to improve public safety and quality of life along dangerous community intersections.

Foster Avenue: greening/calming to improve public safety and quality of life along dangerous community intersections.

Sheridan Road south of Foster: greening/calming to improve public safety and quality of life along dangerous community intersections.

Broadway/Granville/Sheridan/Argyle SBIF: provide money to local, small-scale neighborhood businesses to make improvements.

McCutcheon School: provide badly needed new facilities.

Edgewater library: Build a new, state-of-the-art facility.

TIF Q&A

Q. How do TIFs affect school budgets?
A. The answer is not simple. Here are important things to consider:

  1. Schools, in our budgeting system, do not receive a fixed amount of money based on taxes. Instead, they first determine what they need, and then they send you the bill. It is the reverse of the way most people expect a budget to happen. Neither TIFs nor the tax burden or tax rate determines the school budget. That is a process internal to the schools.
  2. TIFs do not affect schools any more than they affect any other taxing body that pulls from the real estate tax levy. This includes the City, the County, the Water Reclamation District, the Chicago Park District and the Cook County Forest Preserve District. Emphasizing the potential loss of future incremental revenue to the schools, rather than other taxing bodies which you may not know, is a technique to focus your attention on something you care about. In the end, it is all one pot.
  3. TIFs earmark specific funds for specific community use based on community need and desire.
  4. TIFs today are a primary driving force for new money going to schools.
  5. In the 48th Ward, we prioritize capital funding to further the community's desire to fund schools. TIFs can provide an alternative revenue stream, increasing the amount of money available for parks, traffic calming, environmental initiatives, etc.

Q. Do TIFs raise property taxes?
A. Maybe. Again, what TIFs do is to earmark certain new monies for certain projects and areas. Taxing bodies cannot tap into TIF funds to cover budget increases. They could raise property taxes as a means to cover budget shortfalls; however they also could reduce their budgets or use revenue from other sources or taxes.

Q. What is "porting"?
A. "Porting" is moving money between adjacent TIFs. The proposed TIF would be protected from porting funds out of the 48th Ward because of the way the boundaries are drawn.

Other Questions? Please e-mail them to doug@masmith48.org; we'll post the questions and answers.

Community Process for Sheridan/Hollywood TIF

Following is the 48th Ward community process for decision making on the Sheridan/Hollywood TIF. This process is intended to be defined, inclusive, informative and efficient.

  1. Week of May 13th – e-mails sent to block clubs with properties included in TIF alerting them to 5/24 meeting and City mailing.

  2. Thursday, May 24th – City informational presentation to property owners within the TIF. Meeting is open to all.

  3. Wednesday, May 30th – Briefing of delegates to 48th Ward Planning and Zoning Committee, 48th Ward Office, 5533 N. Broadway, 7:00 pm.

    Each delegate represents a block club, association or large condominium building.

    We ask that each delegate communicate with their organization to determine if they would like a presentation of the issues. If so, contact the Alderman's office at (773) 784-5277 or e-mail doug@masmith48.org. We will ask some groups to consider joint presentations.

  4. June – Presentations to community organizations. Organizations need to be prepared to empower their delegates to vote.

  5. June 27th – Meeting of 48th Ward Zoning and Planning Committee to hear and vote on the proposal.