A mayoral task force on tax-increment financing reform in Chicago has recommended greater oversight of private subsidies in TIF districts and the development of a multi-year economic development plan to better judge the value of projects.

The recommendations come from Mayor Rahm Emanuel’s task force, which released a 100-page report last week. TIF was a favored economic tool of Emanuel’s predecessor Richard Daley but some critics charged they were overused in areas that didn’t meet traditional “blighted” criteria resulting in the diversion of tax dollars from public schools and other taxing bodies. Daley freed up $180 million in surplus TIF revenues last year to help balance the budgets of the city and Chicago Public Schools.

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