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Protest to target River Point, LaSalle Central TIF

The news that the LaSalle Central TIF district took in no new revenue last year adds urgency to the demand of community groups that the TIF be shut down, said Eric Tellez of the Grassroots Collaborative.

On Tuesday, community activists will protest the newest LaSalle Central TIF subsidy, $30 million going to finance a plaza inside the planned River Point office development at Lake and Canal.

Starting at 11 a.m. (Tuesday, August 7), they’ll march from Merchandise Mart to the LaSalle Street district for a press conference and rally, and they’ll leaflet at a business owned by one of River Point’s developers.

They say “giving property tax dollars to wealthy developers to build in prosperous areas is not an effective strategy” for economic development – especially when basic services are being cut in the city’s neighborhoods.

In July, the annual TIF report from County Clerk David Orr revealed that annual TIF revenue in Cook County has declined 18 percent since the housing crash in 2007, and that LaSalle Central was among nine TIF districts with no revenue last year.

If that trend were to continue, the city could be forced to transfer funds from other TIF districts to pay for existing commitments downtown.  LaSalle Central TIF agreements involve multimillion-dollar subsidies to corporations including Miller-Coors, Ziegler Co., Accretive Health Inc., NAVTEQ, and United Airlines, which is collecting a $24 million handout.

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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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