CBS Chicago: City council approves funding for CTA Red Line extension

 

[VIDEO] Here are a few more details from Crain's, this TIF was noted in a recent CTA video about the future extension from 95th Street to 130th Street.

The City Council on Wednesday approved the creation of a new tax-increment financing district to create $950 million over three decades to help pay for the $3.6 billion extension of the Chicago Transit Authority's Red Line from 95th Street south to 130th Street.

“Our community has been disconnected” from the city, said Ald. Anthony Beale, 9th, whose Far South Side ward will be home to much of the extended rail line. Beale, who’s a frequent critic of Mayor Lori Lightfoot, thanked the mayor for pushing for the TIF to support the project.

The new TIF will capture future property tax growth within portions of five wards—the 3rd, 4th, 11th, 25th and downtown 42nd—to pay for land acquisition and other costs involved in the project.

The 5.6-mile extension plan also includes four new stations to be located at 103rd Street, 111th Street, Michigan Avenue (between 115th and 116th streets) and a new 130th Street terminal.

Property Tax forum on January 12, 2022

You may have seen this in a recent email blast from Aldermen Beale's office. Refer to flyer below.

• Ward09.com
• CookCountyAssessor.com

 

Property tax appeal forum on December 15, 2020

 This is a virtual form being helds by the Cook County Board of Review Commissioner Larry Rogers Jr.

This is a zoom event where you can text EZJOIN to 474747 for more information.

It will take place on December 15 at 6:30 PM.

As you see here a number of local political leaders on this flyer. I don't know if they're part of this, however, you see Ald. Anthony Beale, Ald. Roderick Sawyer, state Sen. Elgie Sims, state Rep. Nicholas Smith and County Board Commissioner Stanley Moore.

Capitol Fax: Sun-Times begins to hold candidates’ feet to the fire #ChiMayor19

The CapFax does a quick round-up of items for the mayor's race covering the Sun-Time's report and 19 mayoral candidate's response to what they'd do about Tax Increment Financing district. Also looking at the planks of the mayoral candidates. Finally Elon Musk's hyperloop express service to O'Hare Airport.

Sun-Times begins to hold candidates’ feet to the fire https://t.co/GaKTTI5q09

— Rich Miller (@capitolfax) December 10, 2018

Another property tax increase coming soon...

Chicago Board of Education

Remember during the 2015 municipal elections where I expressed support for an elected school board - though my idea was a hybrid with both appointed and elected members? Well we need to get to work on this idea especially if Gov. Bruce Rauner signs legislation that sets up another property tax increase here in Chicago that would be approved not by Chicago Aldermen, but by the appointed Chicago board of education.

Tapped-out Chicago property owners would face yet another tax hit for teacher pensions — but their aldermen would escape another difficult vote — under a historic new statewide school funding deal now headed to Gov. Bruce Rauner’s desk.

That “compromise” bill — approved by Illinois lawmakers this week — authorizes the Chicago Board of Education, comprised of mayoral appointees, to impose a property-tax hike worth $125 million without any involvement whatsoever from the Chicago City Council, whose members are elected.

The Board of Education does indeed plan to approve the increase, enabling the Chicago Public Schools to walk away with a total of $450 million in new state and local money for the 2017-18 school year once Rauner puts his signature on the bill, school officials said.

Rauner plans a bill-signing ceremony on Thursday, his office said.

It’s unclear when the city’s school board will take up the property-tax increase.

This hike would amount to a 2.5 percent increase in the tax bill for an average Chicago homeowner. The owner of a home worth $200,000 would pay an additional $83 in property taxes, records show.

It brings to mind a recent column written by John Ruberry of Marathon Pundit

In Chicago it’s great to be part of the ruling class. But Chicago’s roads are crumbling, barely one out of four of its students in its government schools read at grade level, its bond rating is the lowest among major cities, and businesses lack confidence in Chicago and Illinois as a whole. If you are part of Chicago’s ruling class you might view high taxes as a downpayment on your next paycheck or your retirement, but Chicagoans endure the nation’s highest sales tax rate and they were slugged with the highest property tax increase in the city’s history to fund public-worker pensions.

Yet Chicago’s public pensions are the worst-funded among America’s biggest cities--at a rate of just 25 percent of its obligations. But the cruel joke may be on these well-compensated public-servants. Despite the strong pension protection clause in the Illinois constitution, a pension “haircut” seems unavoidable for retirees. Michigan has similar wording it its constitution, yet Detroit municipal retirees saw their pension checks cut after the Motor City declared bankruptcy.

h/t Newsalert

BTW, what you see in that Newsalert post is a screencap of the Sun-Times front page which is what I share now.