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Executive Summary The purpose of the analysis is two-fold: • To examine the growth of incremental Equalized Assessed Value (EAV) of Tax Increment Finance (TIF) Districts in the City of Chicago by region during the life of the TIF Districts; and • To determine whether the EAV of TIF Districts grew faster or slower than the City’s overall EAV during a five-year period from 2004 to 2009. We examined the incremental EAV growth in each TIF District in the City of Chicago compared to the EAV of each TIF District from the year in which the TIF District was established (the base EAV) through 2009, the most recent year for which data are available. The analysis also focuses on the annual growth of the EAV of TIF Districts in the City between 2004 and 2009 compared to the annual growth of the EAV of the City of Chicago during that same period. Our analysis generated over 1,000 data points which we used to determine the annual EAV for each TIF District in each year. Additionally, we generated more than 150 additional data points to be used to determine the amount of incremental EAV in each TIF District at the end of 2009. Based on information from the City of Chicago, 138 TIF Districts existed at the end of 2004, 140 TIF Districts at the end of 2005, 147 TIF Districts at the end of 2006, 157 TIF Districts at the end of 2007, 155 TIF Districts at the end of 2008 and 160 TIF Districts at the end of 2009. 1 For purposes of our research and to generate our data set, certain TIF Districts were excluded because of a lack of information. Based on the available data and on our analysis, we found that the total EAV of all City of Chicago TIF Districts included in the data set was equal to approximately $21 Billion at the end of 2009. In our analysis of the amount of incremental EAV in each TIF District at the end of 2009, we found that TIF Districts established in earlier years tended to have a higher percentage of incremental EAV compared to their base EAVs than TIF Districts established in later years. Additionally, we found that, on average, TIF Districts in the South Region exhibited higher percentages of incremental EAV growth compared to base EAV during the period from the creation of these TIF Districts to the end of 2009 as compared to TIF Districts in other regions of the City. This finding is consistent with our 2004-2009 analysis, in which we found that, in general, average year-over-year growth rates in this region were among the highest during this period. Based on a more in-depth analysis of the period between 2004 and 2009, we found that the average annual growth rate for the EAV of all TIF Districts in the City of Chicago exceeded the year-over-year growth rate for the City’s EAV in each year-over-year period between 2004 and 2009. The difference varied in each year, however the largest difference was between 2005 and 2006 when the average TIF District EAV growth rate exceeded the City EAV growth rate by approximately 12%. Overall, the average annual EAV growth rate in TIF Districts in the City was 14.08% or approximately 150% of the City’s annual EAV growth rate of 9.11% between 2004 and 2009. Additionally, we compared the average TIF EAV growth rate by region within the City to the City EAV growth rate and found that in each year, the average year over year growth rate of the majority of those regions exceeded the City’s EAV growth rate. The largest difference occurred between 2005 and 2006, when the North Region’s average EAV growth rate exceeded the City’s EAV growth rate by approximately 29%. |
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