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TIFs Mon Dec 28 2009
Spending Secret Money in the South Loop
Chicago Journal editor Micah Maidenburg digs into a $59m South Loop TIF to find out just how the money there will be spent. One of the first, I imagine, of many such stories as the public turns their attention to the administration's "shadow budget".
Even as the Calumet-Cermak district faces its demise, the city is negotiating with an unnamed private entity for a future potential TIF-supported project in the Calumet and Cermak area.
The existence of that project was made public on a list the Chicago Reader obtained through the Freedom of Information Act and recently published online. The list, which the city has now posted to its Web site, shows various projects that tax increment financing dollars will fund or potentially fund through 2011.
