Chicago Brotherly Love

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Pages: 8
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Once coined the “City of Brotherly Love”, Chicago over recent years it can be argued that the city of Chicago has lost its brotherly love. Destruction, violence, and desperation lurk around every corner. A common narrative behind the destruction in the inner city leads to the ideas of the lack of adequate economic opportunity/development and resources. Therefore, opening the need of an adjustment in the criminal element. Chicago has a huge segregation problem along poverty lines. The poor minority’s communities in Chicago are isolated to the less desirable neighborhoods with the fewest resources, and almost no opportunity for advancement. The result of economic segregation, which is not only detrimental to the communities and its surrounding …show more content…
The TIF program largely freezes the assessed valuation of all property parcels in a designated area, also known as a TIF district, for a specific period of years. Property taxes levied on this frozen tax base continues to accrue to local taxing bodies, but taxes derived from the increases in assessed values, the tax increment, resulting from new developments are used to pay for infrastructure needs and development expenditure in the TIF district (Man …show more content…
First, the public investment in the TIF district must cause the property value in the district to rise. Second, property value increments in the district must generate sufficient tax revenue to cover the cost of public investment, which is the money spent on public services. Third, TIF must not impose excessive burdens on overlapping tax districts, such as school districts (Elson, 193). Since TIF bonds are backed by local property taxes sold to finance long term projects, which equates to long payback periods. Which could be problematic. The general idea of the tax increment is to enhance the tax base. Like most developments or projects, most have a rocky start up. For these projects to flourish to its potential it may take a few years. Although, locals within the district property tax are frozen from the government and the state, with a tax credit incentive, these homeowners in that district are still allocating their tax into the funding of the TIF. With a tax base of about fifty percent of homeowners, there are additional resources that would be needed to fill the
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