Wilson Yard TIF Petition: 2009

We, the citizens and taxpayers of Cook County, strongly believe the current Wilson Yard TIF amendment requesting an additional $54 million does not serve our best interests and should be declined. We also formally request the Wilson Yard TIF officially be retired in 201110 years from the date it was established, for the following reasons:

The question of the legality of the Wilson Yard TIF is still being decided in the courts.

Despite spending $58 million in taxpayers money, the goals of the TIF conservation area have not been met.

The Wilson Yard TIF currently siphons 68\% of property taxes away from vital services including our parks, schools, police and fire departments, and infrastructure.

We believe the additional revenues being collected in the Wilson Yard TIF are best used to reduce the Citys alarming budget deficits that include:
o $520 million shortfall in the City 2010 budget
o $ 475 million deficit for the Chicago Board of Education

More than $1 billion sits in Chicagos TIF bank accounts, money collected from the 160 Chicago TIFs as aggregate unspent revenue. Numerous other municipalities have wisely released surplus funds back to local taxing bodies that provide essential services. Chicago has yet to do this. Ending the Wilson Yard TIF early will provide a model for future TIF management and strong TIF success by listening to the residents.

Therefore, we formally demand the early retirement of the Wilson Yard TIF by 2011 and deny the amendment request for an additional $54 million.