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Dangers of TIF, “TAX INCREMENTAL FINANCING”

Montgomery County and Clarksville TN have passed “TIF” Tax Incremental Financing in 2016.  It is already being used in Tennessee elsewhere.  There are many issues regarding TIF that have not been seriously considered by Tennessee in allowing this scheme in our state.

TIF originated in California and nearly broke the state financially before they banned it there.  We recommend every citizen concerned about their taxes, unelected and unaccountable boards controlling the grants under the TIF to look over the information presented below and the information about the the Montgomery County TIF and head this beast off at the  pass!

The process is to lock the portion of property taxes within a “TIF area” at a certain point and extract all increased tax revenues beyond that point to an unelected board who will provide grants to whom ever they choose to “improve” the TIF area.

That that means is as costs go up after that point is reached there will not be additional funds going to cover them.  The only possible recourse will then be to increase the taxes of everyone else in Montgomery County to compensate.

In Chicago the “board” simply ignores all FOIA requests and not information about how the board operates or where the money goes can be accessed by citizens paying the taxes or otherwise.  The term “taxation without representation” should be coming to your mind right now.  It is well known in Chicago that the TIF board provides a mayoral slush fund to be used at will without accountability.  We do not need a repeat of those conditions here in Tennessee.

Take some time and view the videos below.  Educate yourself and then it will be time to storm the City Council and County Commissioners and get them to withdraw the TIF.  If nothing else your City Council is still up for election as of this writing.  If you City Council person voted for this you might want to consider voting for someone else if they are up for re-election this year.

You can see forums by some of your city council members and their challengers here.

What you need to know:

More info on the “Curious City” project.

In the Loop takes a closer look at the shadowy program that spends billions of Chicago taxpayer dollars with little oversight. Hosts Chris Bury and Barbara Pinto investigate how TIF or Tax Increment Financing districts impact on your neighborhood and city. Also, in a surprise move, Bill Daley bows out of the governor’s race. Is Pat Quinn the luckiest man in Illinois politics?

The Demise of TIF-Funded Redevelopment in California