Dave Glowacz interviews the Chicago Reader's Ben Joravsky on the Emanuel administration's scramble, after the presumed election of Donald Trump as president, to secure federal funding and TIF designation for Red Line reconstruction.
Dave and Ben discuss whether the city needs all of the CTA's proposed Red Purple Modernization elements; how much slush the Red Purple Modernization (RPM) TIF district can accumulate; and Mayor Emanuel's tentative effort to lead a Trump resistance. Length 7.5 minutes standard, 24.9 minutes premium.
Dec. 8, 2016 update:
In the original version of this interview, Dave Glowacz said that the city's consultant estimated that the RPM Phase 1 TIF district will generate $17.6 billion in tax-increment revenue. That was incorrect.
The consultant's report says that the district will create a total increase in properties' equalized assessed valuation (EAV) of about $17.6 billion over 35 years.
To calculate the possible amount of tax revenue associated with the total EAV, multiply by the county's current tax rate, .0687 (6.876 percent), by the EAV in each year of the district's 35 years.
That yields a very rough estimate, as the county's tax rate changes year to year.
We've corrected the audio tracks that appear below.
Music: "Funky" by Dave Depper
Standard audio:
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Article: "Rahm plants seeds for Red Line TIF while Chicago panics over Trump" (Chicago Reader)
Article: "Tallying Chicago's Trump votes ward by ward" (Chicago Reader)
Map: Proposed Red Purple Modernization Phase 1 TIF district
