NO Pilsen TIF expansion!
*Lea este declaración en español*
Last year, the Department of Planning and Development (DPD) proposed expanding the current Pilsen TIF. After significant community opposition, the proposal was assumed to be defeated. However, the Alderman's office, with support from local business interests, revived the proposal. On June 11th, the Community Development Commission advanced the proposal to the City Council.
Tax Increment Financing (TIF) has repeatedly caused gentrification and economic displacement throughout Chicago. Even with good intentions, TIFs have failed to deliver their original promise of positive development in blighted communities. Since 1998, the current Pilsen TIF, which covers the industrial area mostly along the river, has collected about $350 million in revenue. Originally set to expire in 2022, the Pilsen TIF was extended until 2034 by Alderman Sigcho-Lopez and former Mayor Lightfoot.
The TIF Illumination Project spoke on how TIFs are a tool to benefit the wealthy and politically connected, rather than the public good. Property taxes have risen more than 46% in the past few years in Pilsen, and further increases with a TIF expansion will divert revenue away from public services. Studies have shown that subsidizing commercial development with TIF money contributes to increased property values and rent in Chicago.
We applaud Mayor Johnson for introducing the Housing and Economic Development Bond Plan, which aims to end the City's dependence on TIFs. This plan will invest $625 million in affordable housing over the next five years without expanding TIF districts. Alternatives to TIFs already exist, so we do not need to rely on outdated methods.
The TIF expansion will further gentrify Pilsen and place more financial burdens on residents. Therefore, we demand that Alderman Sigcho-Lopez and the City Council immediately retract the Pilsen TIF expansion proposal.
TAKE ACTION! Send a letter to the Alderman and City Officials to demand they retract the Pilsen TIF expansion proposal. Follow the link to send a letter: https://actionnetwork.org/letters/no-pilsen-tif-expansion/