Cermak TIF Ends, Schools Benefit

I read with interest this article highlighting the impact of the newly expired Cermak TIF.  It is promising that our schools will be given a bit of help by the additional tax revenue that the expiration will bring.  However, it is worth noting that the city of Berwyn created a new TIF that covers the western part of the old TIF district as well as a portion of Harlem south of Cermak to about 31st street.  The new TIF will freeze tax rates at the present level with all new incremental revenue being invested into those businesses rather than schools and other taxing bodies.  It is also concerning that after 23 years of diverting funds away from schools, there is little in the way of new development and increased tax revenue for which those diverted funds were supposed to create.  The recent development of Harlem and Cermak, including the spruce up of the Cermak plaza  holds promise that the new TIF will invest the funds wisely to ultimately increase tax revenue.  Hopefully, our schools will not have to wait another 23 years for the funds they so desperately need.