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What to do with CME’s TIF?

Chicago Mercantile Exchange CEO Terrence Duffy told the Tribune he hasn’t “accepted” or “approved” the TIF subsidy passed by the city in 2009 – and the Grassroots Collaborative has called on Mayor Emanuel to declare it to be surplus and return the money to the schools, libraries and clinics that he’s proposed cutting back and closing.

As Ben Joravsky has reported, then-Mayor Daley took it upon himself to offer the subsidy 2007 when CME was bidding on the Chicago Board of Trade, though the corporation never asked for it.  While the city approved the deal in 2009, apparently CME never did.

So the money is still sitting in the reserves of the LaSalle Central TIF, which as of last year had collected $76 million, taking in $24 million a year.  The Grassroots Collaborative has called for winding down the LaSalle TIF and returning funds to schools and city services.

But here, suddenly, is a huge pot of money that we’ve been told is committed, when it isn’t, really.

“We are thrilled that CEO Duffy agrees with the community that CME does not need this money,” said Amisha Patel, executive director of the Collaborative.  ”The hard-working taxpayers of Chicago would be glad to put this money to immediate use.”

The money could go to plug $3 million in cuts for mental health clinics and $7 million in cuts to libraries in the 2012 city budget now under consideration, as well as heavy cuts to schools in the latest CPS budget, she said.

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Category: city budget, TIF

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