The Real Intent of a TIF: Names in the News

Homewood Village President Richard Hofeld shows his support for investing TIF money locally.

longest running Village President, Richard Hofeld, is well-known for his local business support and advocacy. During last week’s village board meeting, he voiced his support in giving $20 thousand dollars to 18141 Dixie Highway through the Façade and Property Improvement Program. “This is the real intent of a TIF,” Village President Hofeld said at the meeting. Many other local properties have received TIF money as well through village incentive programs. Do you think it’s a good idea for Homewood to invest so much locally or is the village playing too large a role in business affairs?

Homewood local May 15, 2012 at 01:41 PM
The unintended, but very real outcome of TIFs is that they funnel hundreds of thousands of needed dollars away from our schools and library. They may provide incentive dollars to local businesses, but when you weigh business tax breaks and facade improvements against essential services and education of our community's children, this is more governmental intervention that we could do without. When assessing the success of TIFs, we need to ask how much has business tax revenue increased over the life of all these TIFs and how many empty storefronts still remain, in spite of the claim that TIFs have brought so much new business to Homewood. A handful of businesses that have to be courted with big tax breaks and the promise of additional incentive dollars--this does not live up to the promise of a business boom for Homewood. Face it, in spite of all these TIFs, Homewood is no more attactive to businesses than if was prior to all the TIFs. Perhaps Mr. Hofeld would care to comment on the recent poorly planned TIF that cost the community hundreds of thousands of dollars with no payback on the "investment" (tax breaks and other incentive dollars), since a property involved was sold to a non profit, which will not be contributing any tax dollars back to Homewood. TIFs are designed to be a short term, jump start solution to a blighted community, not an ongoing business plan. Mr. Hofeld needs to learn this economic lesson. His TIF history is too long and too costly.
Racecardriver May 16, 2012 at 12:37 PM
Unfortunately, the myoptic view of the article does not have merit. Where is the Venture Store, where is the Builder's Square, Halsted's redevelopment is due to Mr. Hofeld. The economy is in the "DUMPSTER' look at the closure of Leona's, and replaced by Bilagio's. Look across the street. The building is still empty. The school system is broken, and no matter what money, you throw at it, it will never get fixed. Get involved volunteer in your own community. Do some homework before you write the 'stuff'. Quit wasting time. Especially mine.
Homewood Resident May 17, 2012 at 07:29 PM
I wish some of that facade money was applied to the area just off the x-way off-ramp on Halsted. I was looking last night while I traveled home and thought how poorly our area is presented with the Welcome to Homewood sign next to a dilapidated lot for a vacant hotel. What an eyesore, and this is how we greet our visitors/residents. I think the downtown area is cute enough. Let's focus on getting the folks to want to come in. We already have the means to keep them interested once they're here.


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