X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Despite a projected $123-million budget deficit this year, raising property taxes will be the method of last resort for closing the gap, says Mayor Richard M. Daley.”Even though each could generate millions of dollars in revenue, I have chosen not to propose any additional increase in the property tax or sales tax or any other tax,” Daley says.

Daley’s $4.6-billion budget does include fee increases as well as new expenses that will be passed on to residents, and in some cases, developers. The city will institute a contractor reinspection fee of $75, as well as a developer accessibility review fee of $85. Also, various zoning permit fees will be increased. New revenue streams will add $7.2 million to city coffers.

While the new budget emphasizes security and public safety in the wake of Sept.11, it also calls for city workers to “do more with less.” However, it does add $500,000 to the $6.5-million Low Income Housing Trust Fund, which subsidizes rents for low-income residents. It is the largest locally funded rent subsidy program in the country. Another $6.1 million is earmarked for city homeless shelters.

“When we think about the economy, we need to look beyond the bottom line of our government and pay attention to those who have been hurt much more deeply than we have,” Daley says. “It’s one thing to worry about finding the money to pay for a new roof, but what about those who literally have no roof over their heads?”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.