Report details revenue in NW Side TIF districts
by JASON MEREL
In the last two decades, Northwest Side tax increment financing districts collected about $403.5 million since they were established and most of them saw revenue increased last year, according to the Cook County Real Estate and Tax Service report released by Cook County Clerk Karen Yarbrough.
The report provides revenue data for the county’s TIF districts and shows that approximately $1.5 billion in revenue was generated in 2020.
“We are encouraging Cook County residents to arm themselves with information about their local TIF district, so they are not surprised when they see those deductions on their tax bills,” Yarbrough said.
TIF districts allow a municipality to collect all of the property tax revenue generated from any increase in the assessed valuation of the district’s tax base, starting from the time the increment district is created for a period of 23 years. When a TIF district is created to aid development in an area, any increase in property tax revenues is set aside for spending to aid the development. As a result, the revenue that goes to other taxing bodies such as school districts is frozen at a fixed rate for the life of the TIF district.
On average, the districts account for 14.5 percent of the total tax billed for all taxing districts in the city, according to the report. Most Northwest Side districts saw revenue gains in 2020, and many saw significant increase in revenue due to projects in those areas.
Nearly $17.9 million in revenue has been collected in the Jefferson Park TIF District since it was established in 1999. The Jefferson Park TIF District collected $1,598,814.01 in 2019 and increased by 17.97 percent to $1,886141.15 in 2020.
Nearly $49.2 million in revenue has been collected in the Portage Park TIF since it was established in 1998. The Portage Park TIF collected $3,752,722.81 in 2019 and increased 7.01 percent to $4,015,776.06 in 2020.
Nearly $19.3 million in revenue has been collected in the West Irving Park TIF since it was established in 2001. The West Irving Park TIF collected $1,571,969.89 in 2019 and decreased 0.71 percent to $1,560,817.56 in 2020.
More than $4.4 million in revenue has been collected in the Kennedy Expressway/Kimball TIF since it was established in 2008. The Kennedy Expressway/Kimball TIF collected $990,423.56 in 2019 and increased 49.92 percent to $1,484,844.52 in 2020.
More than $2.5 million in revenue has been collected in the Foster/Edens TIF since it was established in 2018. The Foster/ Edens TIF collected $568,703.19 in 2019 and increased 165.6 percent to $1,510,454.39 in 2020.
Nearly $18.1 million in revenue has been collected in the Peterson/ Pulaski TIF since it was established in 2000. The Peterson/ Pulaski TIF collected $1,025,973.26 in 2019 and increased 90.34 percent to $1,952,863.54 in 2020.
Approximately $62.5 million in revenue has been collected in the Belmont/Central TIF since it was established in 2001. The Belmont/ Central TIF collected $5,838,023.08 in 2019 and increased 2.54 percent to $5,986,118.97 in 2020, according to the report.
Nearly $21.7 million in revenue has been collected in the Belmont/ Cicero TIF since it was established in 2000. The Belmont/Cicero TIF collected $1,576901.79 in 2019 and decreased 9.55 percent to $1,426,229.22 in 2020.
The Irving Park/Cicero TIF expired in 2020. Nearly $14 million in revenue was collected in the Irving Park/Cicero TIF since it was established in 1996. The Irving Park/Cicero TIF collected $954,027.77 in 2019.
Nearly $125.8 million in revenue has been collected in the Lawrence/ Kedzie TIF since it was established in 2000. The Lawrence/ Kedzie TIF collected $8,807361.68 in 2019 and increased 4.14 percent to $9,171,662.30 in 2020.
More than $25.2 million in revenue has been collected in the Lawrence/Pulaski TIF since it was established in 2002. The Lawrence/ Pulaski TIF collected $2,094,125.13 in 2019 and increased 17.86 percent to $2,468,120.67 in 2020.
More than $7 million in revenue has been collected in the Peterson/ Cicero TIF since it was established in 2000. The Peterson/Cicero TIF collected $587,346.87 in 2019 and increased 8.29 percent to $636,024.80 in 2020.
Nearly $35.9 million in revenue has been collected in the Diversey/ Narragansett TIF since it was established in 2003. The Diversey/ Narragansett TIF collected $2,783,849.04 in 2019 and increased 10.92 percent to $3,087,969.77 in 2020.
For more information about tax increment financing districts, including maps and annual reports, visit the Cook County Clerk’s Web site at www.cookcountyclerk.com/tifs.
