TIF stands for Tax Increment Financing and it refers to legislation that changes the way property taxes are divided among taxing bodies within a defined boundary, called the TIF District. TIF benefits an area by stimulating redevelopment.
Within a legally defined TIF District, a baseline of current taxes, called the Equalized Assessed Value is fixed on the day that the TIF is adopted into law. The seven taxing bodies of Cook County will continue to receive their share of the EAV taxes throughout the life of the TIF, up to 23 years.
All new taxes generated within the TIF District are set aside by the City of Chicago to be used as incentives to stimulate redevelopment of the District. These additional taxes are called the increment.
Increment may be generated by inflation and natural growth in property taxes as well as taxes generated by new development of rehabilitation of existing developments.
All projects requesting TIF support must be approved by the local community and the full City Council. They must show that they will directly or indirectly generate future increment.
TIF District designation gives much more input to the local community.
TIF designation ensures that redevelopments abide by the City's policies on minority and women owned contractors and union labor.
TIF funding for residential housing requires that developers set aside 20% of units as affordable while providing displacement assistance as needed.
As a committed and active participant in the neighborhood, Loyola's role is to engage in community planning studies and to fund or partially fund professional planning studies.
According to Alderman O'Connor, the City set aside money a few years ago to engage in a TIF feasibility study for this area. Time has passed and the money has since been reallocated to other projects.
Then North Broadway Plan, created by the Edgewater Development Corporation (EDC) and vetted through the community in 1999, called for a TIF feasibility study in this area.
It is our understanding that three years ago the City funded upwards of 30 feasibility studies, this year plans to fund no more than three.
Loyola University, as the largest single property owner in the proposed district, front-funded the costs of the study because we believe it is the right thing to do for the neighborhood and because we would like the opportunity to apply for TIF money, as appropriate, within the new TIF district once established. Yes, we can apply to be reimbursed for the study cost if the TIF is adopted.
It is often Loyola's role, as the leading institution in the neighborhood to engage in community planning studies and to fund or partially fund professional planning studies (The North Broadway Study, The Morse Avenue Streetscape Study, The Devon Avenue Streetscape Study)
The redevelopment of the area on the west side of Sheridan Road North and South of the Loyola EL Station.
The Task Force was created by the Aldermen to ensure that the broader community had an unprecedented amount of input into the general goals and objectives of the TIF, known as the Redevelopment Plan.
The charge of the Task Force was to collect all of the broad community input and synthesize it into the goals and objectives of the Draft Redevelopment Plan. The plan was submitted to the Aldermen and to SB Friedman and Co. (Traditionally, the Redevelopment Plan is drafted by the Alderman, the developer, and/or the TIF consultant.)
We believe that the Task Force was tremendous step forward for the community and support its work completely. The task force represents both Edgewater and Rogers Park. It represents both the 40th and the 49th wards. It represents the geographic residential areas that are affected by the TIF. It represents businesses within the proposed boundary. It represents long-time residents as well as relatively new residents.
It is very troubling that when you pull together the leadership of the community organizations and block clubs in Rogers Park and Edgewater you don't see more diversity of race and economic status. We all learned that is something we need to work on so that all community organizations represent the diversity that we all value.
Loyola's needs in the next two decades, with or without a TIF, include but are not limited to:
Improving the quality of our student residence halls
Increasing parking for university and community
Increasing retail opportunities on Sheridan Road
Addressing traffic and pedestrian safety on West and North Sheridan Road.
Improving streetscape on and around the Lake Shore Campus
Improving access/egress to the Loyola EL station
Community Involvement information from Jennifer Clark - pending
Loyola purchased much of its property that is within the TIF District in an effort to help stabilize the community during some very rough times. Poorly managed apartment buildings on Loyola Avenue that housed gangbangers and drug dealers now house Loyola students. During the last decade, Loyola purchased, managed, sold, or demolished borderline properties to help create a better environment for both the university and community. Now we want to be a partner with the community to put the pieces back together again for mutual gain.
Loyola promised to engage the community, through its Lakeshore Campus Advisory Council, in thoughtful, comprehensive, and inclusive planning for new Loyola development within the TIF boundary.