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Newspaper
Matteson Star
Location
Matteson, Illinois, United States of America
Date
Jan 08, 1998
Page
3
Beefeated column notes that municipalities face vague standards in adopting tax increment financing districts. The article cites a "but for" provision requiring that development would not occur without the TIF, a criterion Dickett says is routinely ignored by many municipalities.
The article reports concerns from school officials and activists that tax increment financing districts are created in nonblighted areas, with broad criteria, weak state oversight, and potential shifts of tax revenue away from schools. Critics warn municipalities use TIF for urban game and public-building projects, citing examples and calls for reform.
In TIF complaint No. 2, a municipal official says municipalities alone can approve TIFs but agrees with critics that the law is weak without broader input. He notes the danger of long-term consequences and that the public often does not understand what will unfold ten years down the road.
A Sept 26 1990 Wal-Mart memo outlines a scheme with First National Realty to split 2 million in Bridgeview TIF bond proceeds and use escrow to reduce rents on a Burbank site. The plan signals developers and firms may steer infrastructure bonds for private gain and highlights TIF abuse concerns.
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