Johnson administration faces scrutiny over $1.25B borrowing plan for economic programs

CHICAGO (WLS) -- Chicago City Council is moving forward with Mayor Brandon Johnson's plan to borrow more than a billion dollars to fund an array of economic programs.

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The massive 37-year borrowing plan relies on winding down the city's dependency on the controversial tax-increment financing program, also know as TIF. I has has been long been criticized as a patchwork and politically based system for funding construction projects around the city.

When a TIF district expires, the tax revenues it holds are released back to the city, school system and other local governments that levy property taxes in the area.

Officials say they will let enough special taxing districts expire to generate the money needed to repay the debt. But wary financial analysts, TIF experts and even some alderpeople have warned that the city will get access to those recurring revenues only if city officials let the districts expire on schedule - which would be a sharp departure from the city's past practice.

Illinois Answers Project spoke with critics and supporters of this spending plan. You can read the full report on illionisanswers.org.