What's Going on with the TIF?

If you're like us (and we assume others) you arrived home one day recently, checked your mail and saw a mysterious large envelope with a bunch of papers that appeared to have something to do with a revision to TIF boundaries in the neighborhood.

Actually, we received about four of these envelopes and for some reason one of them was sent through priority mail (why? we have no idea). Throughout all of this mail, the purpose wasn't very clear and we've been meaning to follow-up as to what this might mean. Unfortunately, we haven't gotten to the bottom of this and as a result are relying on someone better versed in the subject to shed some light on these documents and what they might mean for the neighborhood. If you received these papers, PLEASE help explain.

A reader had similar concerns and questions:

Hi Sloopin!
I just got a notice in the mail concerning a "TIF" hearing that was happening for the south loop area. My brief reading about the topic was insufficient to come to any real conclusions about this new development for the neighborhood.

• First, did everyone in the neighborhood get this notice?


• Second, I think you would do a fantastic job of discussing this issue and what it means for residents! I'm a bit worried about if this will increase property taxes.

Also, it appears that a neighborhood gets TIF designation if its 'culturally important' or its 'blighted.' Which of these designations would the Sloop fall under? I think the city's designation could have serious ramifications.

The city's website for this topic is: http://www.cityofchicago.org/city/en/depts/dcd/provdrs/tif.html

Much appreciated!

(Hat tip: RP!)