CME Group, Two Other Firms Reject $34 Million In TIF Funding To City

CME Group, Other Firms Reject $34 Million In City Subsidies

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On the same day Mayor Rahm Emanuel announced reforms he says will improve the accountability and transparency of the city's controversial tax increment financing (TIF) program, three firms either returned or outright rejected previously approved city funding.

CNA and Bank of America both refunded the subsidies to the city after they fell short of the approximately 2,700 jobs they were required to maintain at their separate bases, according to the Sun-Times.

As the company told The Huffington Post, though the deal was approved by the City Council, CME never accepted the funds.

Meanwhile on Monday, Mayor Emanuel announced more reforms of the city's TIF program, including the creation of a comprehensive online database tracking all TIF projects in one place and allowing for public access to performance data. The TIFs will also be monitored by independent auditors hired by the Department of Revenue who will keep track of how the city's taxpayer dollars being put to use.

U.S. Rep. Mike Quigley (D-Chicago) applauded the reforms and stated that "it's encouraging to see the City's willingness to make transparent what has been a murky system for too long."

"I've been sounding the alarm on TIFs for a decade now," Quigley said in a statement. "There is no simple solution to the problems facing TIF programs, but the most important first step is to improve transparency and accountability, which allows for further analysis and action."

While the primary goal of Chicago's TIF districts is to create jobs and stimulate the city's economy in blighted areas, former Mayor Richard M. Daley faced frequent criticism for approving TIF projects downtown, allegedly diverting the funds from parts of the city where aid was more urgently needed. With the formation of a TIF reform "task force," Emanuel has aimed to change that, but has still received some flak for green lighting projects such as a $7 million TIF for an upscale grocery store within a one-mile radius of four other grocers in the city's Greektown neighborhood.

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