- Library of Congress
Mayor RahmHerbert Hoover
Tuesday was a typically busy day for Mayor Rahm.
In the midst of spending his time trying to bring a casino to Chicago, he dashed over to the banks of the Chicago River to attend a ground-breaking ceremony for River Point.
That’s the upscale office skyscraper subsidized with $29.5 million of your hard-earned property tax dollars taken from the mayoral slush fund known as TIF.
Or tax increment financing, to be proper about things.
In the TIF program, the city diverts over $200 million a year from the Chicago Public Schools—currently about $1 billion in debt—to fund much-needed economic development and eradicate blight in low-income neighborhoods.