Feb 7, 2012 Comments Off on TIF money for city jobs, and accountability for CME
In a march on City Hall tomorrow, community and labor groups will present Mayor Emanuel with a golden toilet representing the TIF subsidy recently returned by CME Group, which was to help build a luxury bathroom, cafe, and fitness center.
Led by the Grassroots Collaborative, the groups are asking Emanuel to use $33 million recently returned by CME, Bank of America, and CNA, to restore jobs and services in the city’s schools, clinics, and libraries.
They’re also calling for a moratorium on new TIF projects in the LaSalle Central TIF district, which they view as the epicenter of TIF subsidies benefiting corporations at the expense of neighborhoods.
Community activists from across the city will rally at the Chicago Board of Trade, 141 W. Jackson, at 10 a.m. on Wednesday, February 8, and march to City Hall.
Jobs for Chicagoans
Eric Tellez of Grassroots Collaborative cited recent research showing that jobs from downtown development spurred by TIFs have largely gone to suburban commuters.
“This is Chicago’s tax money – why isn’t it being used to employ Chicagoans?” he asked. Restoring funding for city services “protects jobs with good wages for people who we know will live in Chicago. They provide services for our neighborhoods, and they employ people from our neighborhoods.”
Meanwhile, as details emerge regarding CME’s role in the collapse of MF Global last October, Stand Up Chicago is highlighting issues of accountability – including the need for outside regulation of “self-regulating” exchanges.