Calumet City Mayor Thaddeus Jones has proposed using $2 million from TIF funds to reduce property taxes for residents, but the plan faces skepticism from aldermen concerned about its legality and impact on the city’s future.
Calumet City Mayor’s $2 Million TIF Fund Proposal Faces Scrutiny Over Legal and Economic Concerns
According to the Chicago Tribune, Calumet City Mayor Thaddeus Jones has proposed using $2 million from TIF funds to help residents struggling with high property taxes. He announced this plan during a City Council meeting on August 15, 2024. The idea is to take 80% of the city’s TIF funds and use them to lower property taxes for residents. However, some aldermen are worried that this plan could face legal problems and might hurt the city’s long-term economic growth.
Aldermen have raised concerns about the details of how the funds will be used and who will benefit. Some, like 2nd Ward Alderman Monet Wilson, fear that the plan might only help a few people and not address broader issues. Some worries using TIF funds now could limit future economic development.
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2 Million Dollar Relief: Calumet City Mayor Proposes TIF Fund Reallocation to Ease Property Tax Burden for Residents (PHOTO: NWI Times)
Mayor Jones Delays TIF Fund Vote, Seeks State Law Changes and New Funding Sources for Property Tax Relief
To address these concerns, Jones has agreed to postpone the vote on the plan and plans to push for changes in state law. He wants to allow cities to use TIF funds for emergencies without declaring a surplus and is looking for other ways to raise money, such as creating a fund from video game terminal revenues to support residents.
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