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Lightfoot Rolls Out Reforms to TIF Program
Mayor Lori Lightfoot on Wednesday announced a major overhaul of the city’s tax increment financing (TIF) approval and oversight process. The reforms entail creation of a TIF investment committee, rigorous analysis of TIF proposals, publication of a TIF program guide and release of data for public review.
“For too long, the city’s TIF spending decisions have occurred in the shadows,” said Lightfoot. “With our reforms, we are bringing a new level of transparency to the way the City spends precious taxpayer dollars, while holding private recipients of TIF dollars accountable to higher standards during the review and approval process.
She added, “As I have said from the beginning, it is imperative that we use these limited resources responsibly in order to ensure we bring equity and economic development to the neighborhoods that need it most – exactly as TIF law is intended to do.”
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