City to create online database to track projects

January 30, 2012 3:08:40 PM PST
Mayor Rahm Emanuel introduced new reforms that he says will strengthen accountability and transparency of the city's tax increment financing program.

He made the announcement Monday at St. Elizabeth Hospital in Chicago's Humboldt Park neighborhood. The mayor says the city will create an online TIF database that will allow the public to track all projects in one place. He says this will give people a better picture of how taxpayer money is being spent.

"You can check on each individual TIF and how it's going, progressing, how it's spending its resources, where it is in meeting its obligations with the contract," Emanuel said.

The monitoring of TIF performance will be moved to the Department of Revenue, which will hire independent auditors to perform random audits.