Additional Requirements for Taxing Districts Approved By County Board
Members of the Cook County Board of Commissioners approved Ordinance 21-1048 at the end of February. The ordinance was supported by the Cook County Farm Bureau®.
Farm Bureau sent the following communications in support of the ordinance in advance of the vote:
Cook County Farm Bureau® (Cook CFB) respectfully requests support for Ordinance 21-1048, an amendment to the Taxing District Debt Disclosure Ordinance.
Ordinance 21-1048 stipulates that taxing districts, including tax increment financing (TIF) districts are required to disclose:
- Information related to each TIF district redevelopment project.
- Total dollar amount of each TIF district redevelopment project.
- Name of vendor, contractor, or tax district, amount paid, and category of each eligible TIF district redevelopment project.
- All administrative, management, and staff costs, whether paid directly by the TIF district or paid by a taxing district and reimbursed with the funds from the special allocation fund, the name of the employee, job title, and amount paid.
- All contracts that the TIF district’s increment advisor and/or consultants have entered into with entities or persons that have received, or are receiving, payments financed by tax increment revenues produced by the same redevelopment project area, copies of all contracts, in an electronic format.
- Economic Disclosure Statements for all vendors and/or contacts to the TIF district.
- Amounts re-allocated from one TIF district redevelopment project to another, including the name of the TIF redevelopment project from which the funds were transferred, the name of the TIF redevelopment project to which the funds were transferred, and any and all documentation reflecting the reason for the transfer.
The ordinance also provides that each TIF district shall also provide the Cook County Treasurer’s Office with the above information for the past five fiscal years.
Farm Bureau policy #121 (State and Local Finance) (p. 94, l. 45-46) supports requiring local governments to publicly disclose information on TIF districts including the locations of the districts, funds generated, use of funds, and contractors.
Organized in 1920, Cook County Farm Bureau® is dedicated to bridging the gap between farmers and urban consumers. Through education programs targeting youth and their parents and programs designed to connect farmers with potential consumers, Farm Bureau members are actively engaging in conversations about food and the shared values between farmers and consumers.
Members interested in providing any comments or feedback concerning this or another issue is encouraged to contact Bona Heinsohn at 708-354-3276.