SB Friedman has been engaged by the City of Chicago under three different task orders between 2012 and 2014 to develop three types of reports for the City’s Tax Increment Financing (TIF) districts, including the following:
10-Year Status Reports. Under Illinois statute, municipalities are required to prepare 10-Year Status reports for mature TIF districts. Such reports must include the amount of revenue generated, public and private expenditures made in support of TIF district projects, status of goals and objectives outlined in the TIF plan, and other evaluation and performance data.
Five-Year Strategic Review and Implementation Plan Reports. The City’s 2011 TIF Reform Panel suggested the City develop a new report, which would report on the recent progress of TIF districts and outline an implementation plan for future years based on local market indicators, a SWOT analysis and stakeholder input. The intent of the report is to increase the transparency of the TIF program through an accessible document and provide a roadmap for future investment.
Closeout Reports. The City also sought to create a new report, which would document the revenue, investment and impacts of TIF districts that are closing in a particular year.
SB Friedman has led a consultant team including Applied Real Estate Analysis, Inc. (“AREA”), Washington, Pittman & McKeever, LLC (“WPM”), and Prado & Renteria (“PR”) in collecting, reviewing, reconciling, synthesizing and reporting on a range of City and Cook County data. We have also identified a range of community and economic impacts resulting from TIF investments, and have estimated permanent and temporary employment resulting from completed projects.
Working closely with the City, we developed and refined a report template to be used for all 10-Year reports. SB Friedman also created a range of charts and maps to graphically display project data and TIF accomplishments. The City and SB Friedmanworked together to adjust and refine the template for the Five-Year and Closeout reports.
Results: To date, 37 10-Year Status reports have been presented to the Community Development Commission and are posted on the City’s website at: http://www.cityofchicago.org/city/en/depts/dcd/supp_info/ten-year_tif_districtstatusreports.html. Three Closeout reports have also been completed. For the Five-Year reports, SB Friedman has compiled and reviewed data for 22 TIF districts, and is working with the consultant team on collecting data for an additional 25 districts. The City expects to move forward with finalizing the Five-Year reports in early 2015.