Mayor Johnson's Record-Setting $1 Billion TIF Surplus
Chicago Tax Increment Finance "surpluses" have increased more than ninefold in the past decade.
Chicago Mayor Brandon Johnson unveiled his plan to close Chicago's $1.15 billion budget shortfall for 2026, including declaring a record-setting $1 billion "surplus" in the city's Tax Increment Financing districts balances.
This move would result in an additional $232.6 million in revenue for the city and $552.4 million for the Chicago Public Schools budget.
The proposal has sparked questions from aldermen, highlighting fundamental issues with Tax Increment Finance districts.
Illinois' comeback story starts here.
Author's summary: Mayor Johnson's plan sparks questions about TIF districts.