Solution for Environment: Improve our City's neighborhoods through tax increment financing.Submitted by kallos on Sun, 02/05/2012 - 12:01pm
A good way to generate funds for neighborhood investment is to implement Tax Increment Financing (TIF). Chicago has more than 100 TIF districts, used for the funding of playgrounds, parks, schools and other development projects. TIF allows for the selling of bonds to raise money for projects, paid back with increased tax funds that the project generates in an area. New York City recently used TIF to raise $2 billion for the extension of the 7 line. Currently, however, the State laws on TIFs do not allow for school districts to take part in these programs, weakening the amount of financing TIF can bring. We should support the passage of legislation from Assembly Member Schimminger and Senator Stachowski that would allow school districts the option to participate in TIF projects, and expand the purposes for which TIFs could be used, such as environmental remediation and brownfield redevelopment.