Why Occupy Chicago protestors should be in the LaSalle Street TIF (tax-increment finance) district

Occupy Chicago is protesting at the Fed Reserve Bank of Chicago on LaSalle Street, which is an ideal location for protesting the greedy abuse by corporate and political elites. The Chicago Fed sits within the LaSalle Street TIF (tax-increment finance) district. TIFs were invented for the economic rejuvenation of blighted neighborhoods but, in Chicago, are wildly misued for the benefit of political and financial elites. Chicago currently has a $638 million budget deficit, while about a half BILLION is cashiered annually in TIFs for spending without public deliberation or vote by the mayor and individual aldermen.

Created in 2006, the LaSalle Street TIF covers the heart of Chicago's financial distract, and instead of sharing the wealth from the ever-increasing property taxes generated by this prime Chicago real estate, the LaSalle Street TIF funnels all increased property tax revenues back into spending to “economically develop” itself. An example of this “economic development”: the privately operated Chicago Mercantile Exchange generates nearly $1 billion in profits annually, but in 2010, it received $15 million in TIF money for the renovation of its 20 S. Wacker Drive building.

And for this largess what does Chicago get? Well, in September 2011, the CME announced they may move their corporate HQs to Florida (no doubt to leverage even move tax abatement from the city). This isn’t economic development. This is organized crime.

-- Written by Jeff Burdick, Chicago, USA