Mayor Rahm Emanuel announced a series of TIF reforms on Monday, implemented based on recommendations from the TIF reform task force.

“These critical reforms will strengthen the transparency and accountability involved in TIF projects, and will help the city focus the program on job creation and economic development,” said Emanuel.

To promote increased transparency, the City will create a comprehensive online TIF database, which will track all projects in one place and provide public access to performance data and dashboard. For more information on the reforms, visit the PDF and links below.

The TIF reforms are effective immediately, and will be implemented over the course of 2012.

Mayor Emanuel is also urging Gov. Pat Quinn to sign legislation that would allow the city to use red-light cameras to catch speeders near city schools and parks. The Illinois House and Senate approved the measure last fall, but the governor has not yet signed the bill.

Eddie Arruza has more onChicago Tonight at 7:00 pm.

What do you think?Should Gov. Quinn reject Mayor Emanuel's red-light camera expansion plan? Post your comments below or sound off on our discussion board!

Related Links:

Crain's Chicago Business blog on Emanuel unveils new TIF reforms

Chicago Sun-Times article on Emanuel wants TIF subsidies tied to job creation

Should Gov. Quinn reject Mayor Emanuel's red-light camera expansion plan?

File Attachments:

1.30.12 Mayor Emanuel Announces Reforms that Strengthen Accountability and Transparency of TIF Program.pdf