The Reader's Ben Javorsky writes this week about the Devon-Sheridan TIF district at the border of Rogers Park and Edgewater. Javorsky reports that the City is one step away from approving a proposal that would give Loyal University $46 million in TIF money to renovate four University buildings, none of which are mentioned in the initial TIF report. Even more galling, the buildings are tax exempt because they are owned by the University.
If the City had the money to renovate old University buildings I'd be the first to throw a couple thumbs at the project. Unfortunately, Chicago has a few more-pressing issues that require our tax dollars. For example. Likewise on the Far North Side. There are plenty of projects worthier of funding in the Devon-Sheridan TIF district.
Some independent oversight would be nice in this case. It's common practice for the City to ignore initial reports that detail the types of projects toward which TIF money should be directed. Once they're in place, TIFs tend to generate money that does not undergo the usual scrutiny that public dollars do before they're spent, which allows the city to give money to projects that were never meant to receive city funding. I doubt an objective review of the Loyola project would find that it jibes with the goals stated in the intitial TIF report. There's probably not a whole lot anyone can do at this point, though. I'm guessing there's a big fat rubber stamp waiting for it downtown.
