Sep 29, 2014
Between 2004 and 2008, when Richard M. Daley was still mayor of Chicago, the vast majority of the city’s TIF funds went to rich neighborhoods. More than 40 percent of all TIF spending went to three wards downtown and some of the richest gentrified areas nearby. Meanwhile, the poorest neighborhoods in the city like West Englewood, Roseland, Little Village, and Auburb-Gresham, got almost nothing in TIF funding.
When Emanuel was elected, he said he wanted to change the TIF program. He even set up a TIF reform panel. And then he appointed Carole Brown, managing director of Barclays Capital, to chair this “reform” panel. Barclays is one of the biggest investment banks in the world – so you know who Carole Brown looks out for, and it’s not working class children.
Under Emanuel, the TIF program has grown, its slush fund has grown, and the money continues to go into wealthy neighborhoods and the profits of companies that get the money.
What a surprise!